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Likely Price For Dangote Petrol Revealed

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Hopes for cheaper Premium Motor Spirit (PM), otherwise known as petrol, rose, last night, as indications emerged that the product may sell for between N857 and N865 per litre after the Nigerian National Petroleum Corporation Limited (NNPCL) starts lifting the product from Dangote Refinery today.

It was learnt that the NNPCL, as the sole off-taker of petrol from the refinery, is projected to lift the product at N960/N980 per litre and sell to marketers at N840/N850 to enable Nigerians to get it at between N857 and N865 at the pump at filling stations.

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However, whether uniform product prices would apply at filling stations nationwide was unclear.

As of yesterday, petrol sold at N855 per litre at NNPCL retail stations in Lagos and it was the cheapest anyone could buy the product while major marketers sold around N920.

At independent marketers’ outlets, the price was over N1,000.
Elsewhere across the country, PMS sold for more than N1,200 per litre.

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Negotiations

Sources said the new arrangement from the NNPCL and Dangote Refinery negotiations, spanning more than one week, would allow Nigerians to get petrol at between N857 and N865 per litre and represents an average under-recovery of about N130 to NNPCL.

READ ALSO: NNPCL, Dangote In Marathon Meetings Over Petrol Pricing

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President Bola Tinubu, Vanguard was made to understand by a Presidency source, made it clear to the negotiating parties that “the price at which petrol would be sold to Nigerians should not be such that would place heavy financial burden on them while dealing with the new reality of the prevailing price”.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has, meanwhile, expressed optimism that the deal would reduce the pressure on foreign exchange (FX) demands and shore up the value of the Naira – presently, between 30% and 40% of FX demands go into the importation of PMS.

Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, who confirmed the readiness of the company to start lifting petrol today, told Vanguard, yesterday: “NNPC Ltd has started deploying our trucks and vessels to the Dangote Refinery to lift PMS in preparation for the scheduled lifting date of September 15th, as set by the refinery.

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“Our trucks and personnel are already on-site, ready to begin lifting. We expect more trucks, and the deployment will continue throughout the weekend so we can start loading as soon as the refinery begins operations on September 15, 2024.”

300 trucks

Soneye hinted that at least 100 trucks had already arrived at the refinery for the petrol lifting, adding that the number of trucks could increase to 300 by Saturday evening.

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READ ALSO: PHOTOS: 300 NNPC Trucks Converge On Dangote Refinery To Lift Petrol

On his part, Executive Secretary, of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Olufemi Adewole, said: “We have been lifting diesel (AGO) and aviation fuel (jet fuel) and we look forward to lifting petrol (PMS).”

On pricing, he said: “We await clarity in respect of the pricing mode, and once that is clarified, we’ll do the needful towards meeting the energy needs of Nigerians.”

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Edun, the Minister of Finance and Coordinating Minister of the Economy, yesterday, said the structuring of the NNPCL, Dangote Refinery deal in Naira would assist in reducing pressure on the local currency.

A statement by the Director of information and Public Relations in the ministry, Mohammed Manga, stated: “In a landmark move towards reducing pressure on the Naira, eliminating unnecessary transaction costs, and improving availability of petroleum products, the Federal Government has successfully initiated the sale of crude to local refineries as well as corresponding purchase of petroleum products in Naira.

“The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed this today in his office in Abuja shortly after the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira.

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READ ALSO: NNPCL, Dangote In Marathon Meetings Over Petrol Pricing

“Represented by the Executive Chairman, Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, the Minister announced the completion of all agreements and modalities for the implementation of the Federal Executive Council (FEC) approval on the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.

“Recall that the FEC under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.

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Pressure on Naira

“This initiative will help reduce pressure on the Naira, eliminate unnecessary transaction costs, and improve the availability of petroleum products in the country.

“Since then, the implementation committee chaired by the Hon. Minister of Finance and the technical committee have worked intensely with NNPCL and Dangote Refinery to fashion out the details of the modalities for the implementation of the FEC approval.

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READ ALSO: NNPCL Announces Date Dangote’s Petrol Will Flood Market, Prices To Be determined by Market Forces

“I am glad to announce that all agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September. From 1st October, NNPC will commence the supply of about 385kbpd of crude oil to the Dangote Refinery to be paid for in Naira.

“In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid for in Naira. Diesel will be sold in Naira by the Dangote Refinery to any interested off-taker. PMS will only be sold to NNPC; NNPC will then sell to various marketers for now.”

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The agreement, according to analysts, was expected to ease the severe shortage of petrol across the country and probably bring the price which has skyrocketed recently down.
VANGUARD

 

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Full List Of Schengen Countries Offering 5-yr Visa Programme

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Nigerians with a strong travel history now have more incentive to explore European countries, thanks to the five-year multiple entry Schengen visa.

This long-term visa offers travelers the freedom to enter any of the 29 Schengen countries multiple times over five years: provided no stay exceeds 90 days within any 180-day window.

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Designed primarily for frequent travelers, business professionals, and individuals with consistent international travel records, the visa eliminates the hassle of reapplying for short-term permits.

It reduces visa processing time, lowers application costs, and simplifies the documentation and interview requirements.

Approval for the five-year visa is still subject to the discretion of the issuing embassy or consulate.

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READ ALSO:US Visa Adjudication Sparks Concerns Over Diplomatic Relations

However, applicants with a higher likelihood of success typically meet one or more of the following criteria:

Previously held a multiple entry Schengen visa valid for at least two years within the past three years

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Travel to Schengen countries at least two to three times a year

Demonstrated compliance with visa regulations, including no overstays and proper documentation

To boost their chances, applicants are expected to submit a compelling cover letter stating the purpose and need for long-term travel, show proof of financial stability, and provide valid long-term Schengen travel insurance.

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READ ALSO:10 Countries Hiring Nigerians, Other Foreign Workers In 2025 With Easy Visa Process

Eligible Countries under the Five-Year Schengen Visa
Holders of this visa can travel freely to the following 29 Schengen member states:

Austria
Belgium
Bulgaria
Croatia
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Iceland
Italy
Latvia
Liechtenstein
Lithuania
Luxembourg
Malta
Netherlands
Norway
Poland
Portugal
Romania
Slovakia
Slovenia
Spain
Sweden
Switzerland

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Aburi Accord: Foreign Powers Fueled Nigeria’s Civil War, Elder Statesman Replies Gowon

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Elder statesman and president of the Osisioma Foundation, Dr. Chike Obidigbo, has highlighted the role of foreign powers, particularly Britain and certain corporate interests, in Nigeria’s civil war (1967–1970).

In a statement on Thursday, Obidigbo called on former Head of State, Retired General Yakubu Gowon, to use his remaining years to share the truth about the war and promote national healing.

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The statement, issued by the Osisioma Foundation, responded to Gowon’s recent public comments about the failed Aburi Accord and the civil war, which Obidigbo described as inconsistent. He stressed the need for clarity on historical events to help promote national reconciliation.

Obidigbo noted that the collapse of the Aburi Accord, a key peace agreement, was influenced by external forces.

READ ALSO:Why Aburi Accord Collapsed – Gowon

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Though Gowon may not have wanted the war, forces beyond him, particularly British and Fulani interests, compelled him to plunge the country into conflict,” he stated.

He also revealed that Britain and Shell Petroleum had made secret offers to Lt. Colonel Emeka Odumegwu Ojukwu, the then-leader of the Eastern Region, to secede from Nigeria.

Britain assured Ojukwu that they would talk Nigeria out of any plan to fight Biafra if Ojukwu agreed to secede. They even promised to pay him the huge arrears of royalties from Shell in case of any eventuality,” Obidigbo disclosed.

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He stressed the importance of historical accountability, saying, “At his age, Gowon should be telling Nigerians the truth and nothing but the truth about the war. Until he makes these facts known through public confession, his soul may not experience peace.”

READ ALSO:Biafra Civil War: You’re A Genocidist – IPOB Fires Back At Gowon

Drawing parallels with contemporary global issues, Obidigbo stated, “It is ironic that the same British that caused total genocide and blockade against Biafra are now crying out that Israel is visiting genocide on Palestinians.”

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He urged Gowon to document his experiences honestly, following the example of former Military President Ibrahim Babangida, who recently released his autobiography.

Instead of reopening old wounds, Gowon should use his remaining days to contribute to a truthful historical record that fosters national unity,” Obidigbo advised.

The elder statesman called for national reconciliation, urging leaders to prioritize peace and unity.

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Nigerians need to hear the truth about what transpired so that we can heal and move forward as a nation,” he said.

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Poly Ibadan: Mixed Reactions Trail Renaming, Alumni Kick

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Mixed reactions have trailed Thursday’s renaming of The Polytechnic Ibadan, with the institution’s alumni largely calling for a review.

The respondents expressed their diverse views in separate interviews with the News Agency of Nigeria (NAN) in Ibadan, with members of the alumni frowning at the change of name.

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Recall that Gov. Seyi Makinde announced the institution’s renaming after the late ex-governor of Oyo State, Dr Omololu Olunloyo, during the deceased’s commendation service in Ibadan.

Mr Yomi Akande, an alumnus and the institute’s Non-Academic Staff Union (NASU) leader, said many other alumni had been expressing dissatisfaction since the announcement.

“As an alumnus of The Polytechnic Ibadan, the name of the institution is a force to reckon with anywhere in the world.

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“So, taking away that name is somehow because of the prestige that comes with it.

“The governor needed to have considered other factors before making such a pronouncement.

READ ALSO: JUST IN: Oyo Ex-governor, Olunloyo, Is Dead

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“The name of the late Dr Omololu Olunloyo is good, but what many people are against is the changing of the name, The Polytechnic Ibadan.

“It is not that the change of name will bring new development to the school,” he said.

Another alumnus, Mr Olaoluwa Olabode, said that the renaming would affect both past and current students negatively.

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According to him, he doesn’t see the move bringing any improvement to the educational institution, alleging that it was done with a political undertone.

What benefits would the change of name bring to the school?” Olabode queried.

In his opinion, another alumnus, Mr Sanmi Olatunde, said perhaps the government should have renamed a particular building in the school instead of the institution’s name.

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READ ALSO: Trade Volume Between Vietnam, Nigeria Surpasses $1bn – Envoy

This is the only polytechnic we have in Ibadan; it is not right that the name of the institution is changed,” Olatunde said.

Calling for a review, an Ibadan indigene and alumnus, Mr Tayo Olaleye, described the institution as the pride of the ancient city of Ibadan that should not be tampered with.

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According to him, it is not acceptable for the name to be changed at will.

Furthermore, Olaleye said the renaming would affect the students in easily securing favour and job opportunities with the alumni.

This is a prestigious institution whose name has been resounding in many spheres for decades, at home and abroad, so we do not welcome the sudden renaming,” Olaleye said.

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Meanwhile, Comrade Tiamiyu Ademola, Chairman, National Association of Nigerian Students (NANS), Joint Campus Committee (JCC), Oyo State Chapter, said the renaming would not affect the institution’s reputation.

According to him, the institution’s reputation will stand provided its management maintains its standard.

He also urged the students not to allow the matter to lead to any form of protest.

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READ ALSO: Olunloyo: Goodnight, Voltaire

However, he noted that the decision could still be reversed with genuine arguments from alumni and other stakeholders of the institution.

We believe that Gov. Seyi Makinde is a listening governor; with the right approach, I believe the decision can still be reversed,” he said.

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However, a chieftain of the Peoples Democratic Party (PDP), Alhaji Moshood Olaleke, hailed Makinde for honouring Olunloyo with the gesture.

Olaleke said no honour would be too great for Olunloyo, whom he referred to as a great mathematician.

He described the three months Olunloyo spent as the executive governor of the old Oyo State before the military took over as remarkable.

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According to him, Olunloyo had already put in place a solid structure for good governance before the coup that terminated his tenure.

He said that Makinde should be commended for recognising the positive contributions of the late technocrat to the state.

Recall that Olunloyo died on April 6, a few days before April 14, when he would have turned 90 years old.
(NAN)

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