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Petrol Price May Crash to N300/Litre If…– Modular Refineries
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1 year agoon
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The pump price of Premium Motor Spirit, popularly called petrol, should drop to about N300/litre upon the commencement of massive production by the Dangote Petroleum Refinery and other indigenous producers, operators of modular refineries stated on Sunday.
However, they pointed out that this would be achieve when the government ensures the provision of adequate crude oil to local refiners, stressing that refineries abroad were ripping off Nigeria.
Speaking under the aegis of the Crude Oil Refinery Owners Association of Nigeria, they explained that what happened to the cost of diesel after Dangote started producing it, would happen to petrol price once it is being produced massively in Nigeria.
CORAN is a registered association of modular and conventional refinery companies in Nigeria.
“A lot of companies today benefit from the importation of petroleum products at the expense of Nigerians,” the Publicity Secretary, CORAN, Eche Idoko, stated.
He told The PUNCH that “if we begin to produce PMS today in large volumes, provided there is adequate crude oil supply, I can assure that we should be able to buy PMS at N300/litre as the pump price.
“Why make Nigerians buy it at almost N700/litre when you know that if you allow refineries work the price will come down? Is it because you want to satisfy the global refiners abroad that are making so much from us?”
When told that there are arguments that it is not possible to have such a drop in price because crude oil, the raw material for PMS, is price in dollars, the CORAN official insisted that petrol price would crash once it is being produced massively by indigenous refiners.
He said, “We were selling diesel for N1,700 to N1,800/litre, but as soon as Dangote refinery started production he brought down the price to N1,200/litre. What other proofs do you need?
“As I speak to you now there is every tendency that before December diesel price will drop further. The only reason reason why diesel is not doing below N1,000/litre is because of our exchange rate.
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“If the exchange rate drops, diesel will drop below the N1,000/litre price. Now the exchange rate concern is because Dangote imports crude. If he is not importing, the exchange rate may not have so much effect, though he is still buying crude in dollars (in Nigeria) anyway.”
On May 18, 2024, The PUNCH reported that Africa’s richest man, Aliko Dangote, stated that following the laid-down plans of the Dangote refinery, Nigeria would no longer need to import petrol starting June this year.
Dangote had also stated that his refinery could meet West Africa’s petrol and diesel needs, as well as the continent’s aviation fuel demand. He spoke at the Africa CEO Forum Annual Summit in Kigali, expressing optimism about transforming Africa’s energy landscape.
“Right now, Nigeria has no cause to import anything apart from gasoline (petrol) and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre,” the billionaire had declared.
Also, Dangote had earlier in the year crashed the pump price of diesel to N1,200/litre when the commodity was selling at between N1,700 and N1,800/litre at the time.
He further dropped the price to below N1,000/litre, but could not sustain this price due to the rise in exchange rate. The refinery eventually returned the price to the initial rate of N1,200/litre.
Speaking on Sunday, the CORAN spokesperson stated that this was why the modular refiners had been calling for the sale of crude oil at the naira equivalent of the dollar rate.
“We have told them (government) that even the dollars that you are asking us to use and buy this product, it is detrimental to the country. Strengthen the naira. We will buy at the international market rate, but at a naira equivalent.
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“These are the issues and they know these things but we can’t explain why they really can’t take decisions to change these concerns.
“Get crude to local refineries, allow crude purchase in naira equivalent, make the environment business-friendly and watch locally produced petroleum product prices crash,” Idoko stated.
Nigeria currently has 25 licensed modular refineries. Five of them are operating and producing diesel, kerosene, black oil and naphtha. About 10 are under various stages of completion, while the others have received licences to establish.
Operators of modular refineries earlier stated that aside from the five that are in operation currently, the remaining plants are embattled due to the major challenge of crude oil unavailability, a development that has stalled funding from financiers.
“Only about five of our members have completed their refineries. The others are having a major challenge.
“This challenge is that the people who are supposed to finance them have not disbursed financing for construction because they want some level of guarantee.
“A guarantee that if they finish the refinery, they are going to get feedstock, which, of course, is crude oil,” Idoko had explained.
Oil marketers also believe that the cost of petrol should be lower than its current price once its production begins in Nigeria.
They welcomed the comment of Dangote that his refinery should start pumping out petrol this month, and expressed hope that the cost would be less than the price which the Nigerian National Petroleum Company Limited currently sells.
“We expect a reduced price for locally produced PMS, as I’ve earlier told you,” the National President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, stated.
Maigandi, while speaking from Saudi Arabia with The PUNCH, also stated no date has been communicated to marketers on when Dangote would release petrol to the market. Officials of Dangote refinery have remained mute on this.
“It is a welcome development if the refinery can start releasing PMS this month because as marketers we are currently set to start buying the product from the plant,” Maigandi stated.
The IPMAN president earlier stated that marketers were discussing with the managers of the plant, but not specifically on petrol pricing.
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“We have been discussing, but not about the price of petrol yet, rather on other matters such as the registration of members for the purchase of petrol and diesel from the refinery.
“It is true that we have started buying diesel from them, but you have to register with the company first. So a general registration is ongoing,” he explained.
Maigandi, however, stated that though marketers had yet to receive the projected price for petrol from the plant, dealers would want to see a PMS price of about N500/litre from the Dangote refinery.
“We are looking at having it (PMS) at any price below the NNPC rate. The price which NNPC sells petrol is N565.50/litre, so we are expecting something below that price, maybe around N500/litre,” Maigandi stated.
The oil dealers also joined in the call for the provision of crude oil to local refiners, stressing that this would impact positively on the prices of refined petroleum products.
“Of course, it is important for crude to be made available to local refineries because this will surely affect petroleum products’ prices positively,” the IPMAN president stated.
Regulators speak
The spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, George Ene-Ita, said he was sure that the government has guidelines for the provision of feedstock (crude) to indigenous refiners.
Ene-Ita promised to provide additional information on the matter, as he stated that he could not give further details at the time he was contacted by our correspondent.
Recall that the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, had earlier promised that the government would ensure that crude oil was supplied to domestic refiners.
He stated that in compliance with the provisions of Section 109(2) of the Petroleum Industry Act 2021, the NUPRC in a landmark move, had developed a template guiding the activities for Domestic Crude Oil Supply Obligation.
“The commission in conjunction with relevant stakeholders from NNPC Upstream Investment Management Services, representatives of Crude Oil/Condensate Producers, Crude Oil Refinery-Owners Association of Nigeria, and Dangote Petroleum Refinery came up with the template for the buy-in of all.
“This is in a bid to foster a seamless implementation of the DCSO and ensure consistent supply of crude oil to domestic refineries,” Komolafe had stated.
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Jimmy Swaggart, the popular Pentecostal preacher and televangelist who garnered national headlines for his extramarital affairs, has died at the age of 90 following a cardiac arrest.
Swaggart’s death was announced in a post on his official Instagram handle on Tuesday.
The post reads, “I have fought a good fight, I have finished my course, I have kept the faith: Henceforth there is laid up for me a crown of righteousness, which the Lord, the righteous judge, shall give me at that day: and not to me only, but unto all them also that love his appearing.”
“2 Timothy 4:7-8. Today, our hearts are heavy as we share that Brother Swaggart has finished his earthly race and entered into the presence of His Saviour, Jesus Christ. Today was the day he has sung about for decades. He met his beloved Saviour and entered the portals of glory. At the same time, we rejoice knowing that we will see him again one day.
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“For over seven decades, Brother Swaggart poured out his life preaching the gospel, singing songs of the faith, and pointing millions to the saving power of Jesus Christ and the Baptism of the Holy Spirit. His voice echoed through nations, his music softened hearts, and his message never changed: Jesus Christ and Him crucified.
“He was not just a preacher—he was a worshiper, a warrior, and a witness to the grace and mercy of God. He was a man whose faith was steadfast and always entered whatever door the Lord opened. And the Lord honoured that faith. Please continue to lift up Sister Frances, Donnie, Debbie, Gabriel, Jill, Jennifer, Clif, Matt, Joanna, Sam, Ryder, Abby, Lola, Harper, Navy, Harrison, Caroline and Mackenzie in your prayers.”
Swaggart was born on March 15, 1935, in Ferriday, Louisiana.
At the age of 8, he had a powerful religious experience that made him feel called to become a preacher.
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At 17, he married 15-year-old Frances Anderson in 1952, and they had a son named Donnie.
In 1961, Swaggart was ordained as a minister in the Assemblies of God, the largest Pentecostal denomination in the U.S.
Swaggart is also known for his musical talent.
A cousin of rock ‘n’ roll legend Jerry Lee Lewis, Swaggart had a successful gospel music career, selling more than 17 million albums over the years.
His ministry expanded into media.
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In 1969, he started a radio show called “The Campmeeting Hour.”
A year later, he launched The Evangelist, a religious magazine. In 1973, he entered television with a 30-minute program titled “The Jimmy Swaggart Evangelistic Association Presents Jimmy Swaggart.”
He also began airing live recordings of his church services in multiple languages.
In the 1980s, Swaggart led large evangelism crusades in the U.S. and internationally.
One of the biggest was held in October 1987 in Rio de Janeiro, Brazil, drawing an estimated 125,000 attendees.
Headline
Trump Says Will ‘Take A Look’ At Deporting Musk
Published
8 hours agoon
July 1, 2025By
Editor
US President Donald Trump said Tuesday he could consider deporting Elon Musk, after the South African-born billionaire slammed his flagship spending bill.
Trump also said the Department of Government Efficiency (DOGE) — which Musk headed before stepping down late May — may train its sights on the Tesla and SpaceX founder’s government subsidies.
“I don’t know. We’ll have to take a look,” Trump told reporters at the White House when asked if he would consider deporting Musk.
“We might have to put DOGE on Elon. You know what DOGE is? DOGE is the monster that might have to go back and eat Elon.”
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Trump doubled down on the threat when he said he believed Musk was attacking his so-called “One Big Beautiful Bill” because he was annoyed that it had dropped measures to support electric vehicles (EV).
“He’s losing his EV mandate. He’s very upset about things, but you know, he could lose a lot more than that, I can tell you right now. Elon can lose a lot more than that.”
Trump made similar comments on his Truth Social network late Monday, saying that “without subsidies, Elon would probably have to close up shop and head back home to South Africa.”
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Musk, the world’s richest person, was Trump’s biggest donor in the 2024 election and initially maintained a near constant presence at the newly elected president’s side.
They had an acrimonious public falling out this month over the bill and the tycoon has reprised his criticisms in recent days, accusing Republicans of abandoning efforts to place the United States at the front of the EV and clean energy revolution.
Musk has also renewed his calls for the formation of a new political party called the “America Party” if the bill passed.
AFP
Headline
Over 14 Million People Could Fie From US Foreign Aid Cuts – Study
Published
8 hours agoon
July 1, 2025By
Editor
More than 14 million of the world’s most vulnerable people, a third of them small children, could die by 2030 because of the Trump administration’s dismantling of US foreign aid, research projected on Tuesday.
The study in the prestigious Lancet journal was published as world and business leaders gather for a United Nations conference in Spain this week hoping to bolster the reeling aid sector.
The US Agency for International Development (USAID) had provided over 40 percent of global humanitarian funding until Donald Trump returned to the White House in January.
Two weeks later, Trump’s then-close advisor — and world’s richest man — Elon Musk boasted of having put the agency “through the woodchipper”.
The funding cuts “risk abruptly halting — and even reversing — two decades of progress in health among vulnerable populations”, warned study co-author Davide Rasella, a researcher at the Barcelona Institute for Global Health (ISGlobal).
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“For many low- and middle-income countries, the resulting shock would be comparable in scale to a global pandemic or a major armed conflict,” he said in a statement.
Looking back over data from 133 nations, the international team of researchers estimated that USAID funding had prevented 91.8 million deaths in developing countries between 2001 and 2021.
That is more than the estimated number of deaths during World War II, history’s deadliest conflict.
• HIV, malaria to rise –
The researchers also used modelling to project how funding being slashed by 83 percent — the figure announced by the US government earlier this year — could affect death rates.
The cuts could lead to more than 14 million avoidable deaths by 2030, the projections found.
That number included over 4.5 million children under the age of five — or around 700,000 child deaths a year.
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For comparison, around 10 million soldiers are estimated to have been killed during World War I.
Programmes supported by USAID were linked to a 15-percent decrease in deaths from all causes, the researchers determined.
For children under five, the drop in deaths was twice as steep, at 32 percent.
USAID funding was found to be particularly effective at staving off preventable deaths from disease.
There were 65 percent fewer deaths from HIV/AIDS in countries receiving a high level of support compared to those with little or no USAID funding, the study found.
Deaths from malaria and neglected tropical diseases were similarly cut in half.
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Study co-author Francisco Saute of Mozambique’s Manhica Health Research Centre said he had seen on the ground how USAID helped fight diseases such as HIV, malaria and tuberculosis.
“Cutting this funding now not only puts lives at risk — it also undermines critical infrastructure that has taken decades to build,” he stressed.
A recently updated tracker run by disease modeller Brooke Nichols at Boston University estimates that nearly 108,000 adults and more than 224,000 children have already died as a result of the US aid cuts.
That works out to 88 deaths every hour, according to the tracker.
’Time to scale up’ –
After USAID was gutted, several other major donors, including France, Germany and the UK, followed suit in announcing plans to slash their foreign aid budgets.
These aid reductions, particularly in the European Union, could lead to “even more additional deaths in the coming years,” study co-author Caterina Monti of ISGlobal said.
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But the grim projections are based on the current amount of pledged aid, so could rapidly come down if the situation changes, the researchers emphasised.
Dozens of world leaders are meeting in the Spanish city of Seville this week for the biggest aid conference in a decade.
The United States, however, will not attend.
“Now is the time to scale up, not scale back,” Rasella said.
Before its funding was slashed, USAID represented 0.3 percent of all US federal spending.
“US citizens contribute about 17 cents per day to USAID, around $64 per year,” said study co-author James Macinko of the University of California, Los Angeles.
“I think most people would support continued USAID funding if they knew just how effective such a small contribution can be to saving millions of lives.”
AFP
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