News

Likely Price For Dangote Petrol Revealed

Published

1 year ago

September 15, 2024

Editor

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.

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.

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.

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.

“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.

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.”

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.

“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.

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.

“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.”

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

News

INEC Accredits 121 Observers For Anambra Governorship Poll

Published

1 hour ago

October 13, 2025

Editor

The Independent National Electoral Commission has accredited 121 domestic and international organisations to observe the Anambra State governorship election.

The development was announced in an advertisement published by the commission in The PUNCH newspaper on Monday.

Accredited foreign observers include the British High Commission, the European Union, and the High Commission of Canada, among others.

On the domestic front, organisations such as Yiaga Africa Initiative, The Electoral Hub, and the Centre for Democracy and Development have been cleared to monitor the exercise.

The observers are expected to assess the conduct of the election and report on its transparency, credibility, and compliance with democratic standards.

INEC had earlier confirmed that 2.8 million voters are registered to participate in the election.

The Anambra governorship poll, one of Nigeria’s off-cycle elections, is set to take place on Saturday, November 8, 2025.

The electoral body has released the final list of candidates and announced the official commencement of campaign activities.

Sixteen political parties met the submission deadline of May 12 and will field candidates in the upcoming election.

News

UPDATED: Renowned Evangelist, Uma Ukpai, Is Dead

Published

3 hours ago

October 13, 2025

Editor

Renowned Nigerian evangelist and spiritual leader of Uma Ukpai Evangelistic Association, Rev. Dr. Uma Ukpai, is dead.

This was confirmed in a statement on Monday by his family, who said he passed away on October 6 2025 at the age of 80.

The family described his passing as a “glorious transition” from a life of devoted service to eternal rest.

Ukpai, widely recognised as a spiritual general and founding father of faith, dedicated over six decades of his life to evangelism, dynamic teaching of the Word, and prophetic demonstrations of God’s power.

His ministry impacted millions of lives in Nigeria and around the world, shaping destinies and nurturing spiritual growth across generations.

“He was a faithful soldier of the cross who devoted his life to spreading the gospel with passion and integrity.

“His teachings, prophetic insights, and mentorship have left a lasting legacy that will continue to inspire believers for years to come,” his family said.

Over the course of his ministry, Ukpai became known for his fiery evangelistic campaigns, transformative teachings, and commitment to empowering both clergy and lay leaders.

Beyond his spiritual work, he was also celebrated as a loving husband, devoted father, and mentor to countless individuals who regarded him as a guide in faith and life.

The family expressed gratitude for the life and work of Ukpai, highlighting that while they mourn his physical absence, they rejoice that he has “finished his race and is now resting in eternal praise.”

They assured the public that details of his obsequies would be shared in due course.

Ukpai’s ministry, spanning over sixty years, leaves behind a profound spiritual and social legacy, with churches, educational initiatives, and humanitarian efforts that continue to influence communities globally.

His life, the family said, was a testament to the biblical truth that “to live is Christ, and to die is gain” (Philippians 1:21).

News

JUST IN: FG Enforces No-work-no-pay On Striking ASUU Members

Published

4 hours ago

October 13, 2025

Editor

The Federal Government has directed vice-chancellors of federal universities across the country to strictly enforce the “no work, no pay” policy against members of the Academic Staff Union of Universities currently participating in the ongoing nationwide strike.

The directive was contained in a circular dated October 13, 2025, and signed by the Minister of Education, Dr. Tunji Alausa, according to The PUNCH.

The circular was copied to the Head of the Civil Service of the Federation, Permanent Secretary of Education, Pro-Chancellors of all federal universities, Director-General of the Budget Office of the Federation, the Accountant-General of the Federation, and the Executive Secretary of the NUC.

According to the circular, the Federal Ministry of Education expressed dissatisfaction over reports of the continued industrial action by ASUU despite repeated calls for dialogue, stressing that government would no longer tolerate non-compliance with extant labour laws.

“In line with the provisions of the Labour Laws of the Federation, the Federal Government reiterates its position on the enforcement of the ‘No Work, No Pay’ policy in respect of any employee who fails to discharge his or her official duties during the period of strike action,” the circular reads.

The minister directed all vice-chancellors of federal universities to immediately conduct a roll call and physical headcount of all academic staff in their institutions.

He also instructed them to submit a comprehensive report indicating staff members who are present and performing their official duties, and those absent or participating in the strike.

Alausa further directed that salary payment for the period of work stoppage be withheld from those who fail to perform their duties.

He clarified that members of the Congress of University Academics and the National Association of Medical and Dental Academics, who are not part of the strike, are exempted from the directive and will not face any salary deductions.

The minister also tasked the National Universities Commission to monitor compliance with the directive and submit a consolidated report to the ministry within seven days of receiving the circular.

“Please, treat this matter with utmost urgency and a deep sense of responsibility in national interest,” Alausa urged the university heads.

The federal government had threatened to enforce the policy amid the ongoing nationwide strike by the lecturers.

The lecturers on Sunday declared a total and comprehensive warning strike starting from Monday, October 13.

ASUU is currently demanding the conclusion of the renegotiated 2009 FGN-ASUU agreement, the release of the withheld three and a half months’ salaries, sustainable funding of public universities, revitalisation of public universities, and cessation of the victimisation of lecturers in LASU, Prince Abubakar Audu University, and FUTO.

Others are payment of outstanding 25-35% salary arrears, payment of promotion arrears for over four years and release of withheld third-party deductions (cooperative contributions, union check-off dues).