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Petrol Price May Crash to N300/Litre If…– Modular Refineries

Published

1 year ago

June 10, 2024

Editor

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.

“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.

“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.

“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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Trump Considering Deporting Kilmar Abrego Garcia To Uganda

Published

2 hours ago

August 24, 2025

Editor

The Trump administration is weighing the deportation of Kilmar Abrego Garcia to Uganda in the coming days, according to a notice from the Department of Homeland Security sent to his lawyers on Friday.

The notice, disclosed in a court filing in Abrego Garcia’s human smuggling case in Tennessee, came shortly after his release from criminal custody pending trial on federal charges. His lawyers accused the government of attempting to use the deportation threat as a tactic to “coerce” him into a plea deal.

“Let this email serve as notice that DHS may remove your client, Kilmar Armando Abrego Garcia, to Uganda no earlier than 72 hours from now (absent weekends),” the notice stated.

Officials had previously suggested that Abrego Garcia, who was unlawfully deported to El Salvador earlier this year before being returned to the US in June, could face deportation to a third country.

However, it was unclear until Friday whether the administration would allow his trial to conclude before initiating removal proceedings.

Simon Sandoval-Moshenberg, one of Abrego Garcia’s attorneys, described the move as “retaliation” by the government.

“The government’s decision to send Kilmar Abrego Garcia to Uganda makes it painfully clear that they are using the immigration system to punish him for exercising his constitutional rights,” he told CNN.

Under an order issued last month by US District Judge Paula Xinis, officials must provide Abrego Garcia and his legal team with at least 72 business hours’ notice before any deportation to a third country, giving him time to raise potential claims of torture or persecution.

Court filings submitted on Saturday revealed that earlier in the week, the government had proposed a deal under which Abrego Garcia would plead guilty to two federal charges and be deported to Costa Rica after serving his sentence.

Costa Rica had confirmed willingness to receive him as a refugee or grant him legal status, according to a letter from its government to the US embassy.

His attorneys said the offer was renewed Friday evening, giving him until Monday morning to accept or lose the option permanently.

His defence team argued that the deportation threats and plea offers highlight a pattern of “vindictive and selective prosecution” against Abrego Garcia, who previously challenged his deportation to El Salvador. They urged Judge Waverly Crenshaw to dismiss the case.

“There can be only one interpretation of these events: the DOJ, DHS, and ICE are using their collective powers to force Mr. Abrego to choose between a guilty plea followed by relative safety, or rendition to Uganda, where his safety and liberty would be under threat,” his lawyers wrote.

“It is difficult to imagine a path the government could have taken that would have better emphasized its vindictiveness,” they added. “This case should be dismissed.”

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UK To Bar Criminals From Football Matches, Pubs, Travel Under New Policy

Published

2 hours ago

August 24, 2025

Editor

The United Kingdom (UK) has unveiled new sentencing powers that will ban criminals from pubs, concerts, and sports matches as part of its Plan for Change.

According to a statement available on the UK government website on Sunday, Judges will be able to curtail offenders’ freedoms with driving limits, travel bans, and restriction zones confining them to specific areas.

The release, which quoted Lord Chancellor and Justice Secretary, Shabana Mahmood, said: “Widening the range of punishments available to judges is part of our Plan for Change to cut crime and make streets safer.

“When criminals break society’s rules, they must be punished. Those serving their sentences in the community must have their freedom restricted there too.

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Leader Of UK Christian Group Convicted Of Sexually Abusing Women

Published

16 hours ago

August 23, 2025

Editor

Chris Brain, 68, the leader of a UK Christian group once backed by the Church of England, has been convicted of sexually abusing nine women in his congregation.

A jury delivered the final verdicts on Thursday.

‎Brain led the Nine O’Clock Service, an evangelical movement in Sheffield during the 1980s and 1990s. The group was known for its nightclub-style worship, held at 9 p.m. on Sundays, which included live music and drew large crowds of young people.

‎Prosecutors said Brain used his authority to control members of the congregation, isolating them from family and friends, and used his position to commit sexual assaults. He also maintained a group of young women known as the “lycra nuns” who assisted him, his wife, and his daughter at home, prosecutor Tim Clark told the court.

‎The leader of the UK Christian group was charged with 36 counts of indecent assault and one count of rape involving 13 women between 1981 and 1995. He denied the charges, claiming any sexual contact was consensual.

‎Following a trial at Inner London Crown Court, he was convicted of 17 counts of indecent assault against nine women. He was acquitted of 15 other charges, while the jury could not reach a verdict on four additional indecent assault charges and the rape allegation. The Crown Prosecution Service said it would “carefully consider” whether to seek a retrial.

‎The Nine O’Clock Service had received approval from the Church of England. In 1990, the Archbishop of Canterbury-elect George Carey met with Brain to discuss his methods, and his ordination was expedited. Prosecutors said the group even spent heavily to purchase the costume worn by Robert De Niro in the 1986 film The Mission for his ceremony.

‎Brain resigned shortly before a BBC documentary aired in 1995, accusing him of inappropriate sexual behaviour. Carey later said he was “crushed and let down” when the allegations became public.

‎In court, Brain admitted to receiving massages from congregation members that sometimes became sexual but denied manipulating or controlling them.

‎Bishop of Sheffield Pete Wilcox said in a statement: “What happened was an appalling abuse of power and leadership that should never have occurred. Where concerns were raised in the past and were not acted upon properly, that was a failing of the Church. For those institutional failures, I offer an unreserved apology.”