Business
Dangote Refinery’s New Deal with IPMAN to Lower Petrol Price by N50 per Litre
The Independent Petroleum Marketers Association of Nigeria (IPMAN) recently revealed that Premium Motor Spirit (petrol) will become more affordable for Nigerians, with a planned price reduction of N50 per liter.
This announcement came from IPMAN’s National President, Abubakar Maigandi, during a Tuesday interview with Channels Television.
Maigandi disclosed that the price cut follows a recent agreement between IPMAN and Dangote Refinery, which will now directly supply petrol to IPMAN members at a lower rate.
Under the new agreement, Dangote Refinery will sell petrol to IPMAN members at N940 per liter for depot purchases and N990 per liter for trucks.
With these adjusted rates, independent marketers who have been selling petrol for as high as N1,200 per liter in locations like Maiduguri will now be able to drop their prices to around N1,150 or potentially even lower.
Maigandi mentioned that the adjustment depends on location, as transport and logistics costs can vary, but he expects to see the benefits reach customers soon.
Maigandi also shared some insight into the new purchasing arrangements.
IPMAN members have two main options: they can either transport fuel directly from the Dangote Refinery to their depots or purchase it directly for trucks.
These measures are expected to streamline the distribution process, reducing dependence on the Nigerian National Petroleum Company Limited (NNPCL) as the primary distributor of Dangote’s petrol.
Currently, Nigerians are paying between N1,060 and N1,200 per liter at NNPCL outlets and other stations, so the new pricing arrangement with IPMAN is a welcome move for the average consumer facing high fuel costs.
Business
Dangote Petroleum Refinery Begins Exportation Of Products To Neighbouring West African Countries
Dangote Petroleum Refinery begins exportation of products to neighbouring West African countries. A report was made that the Dangote refinery just shipped gasoline to the coast of Togo, West Africa. Although the shipment of the gasoline is going to the coast of Togo it can also be taken somewhere else in West Africa.
Chairman of NPA, Ghana speaks at the OTL Africa Downstream Oil Conference in Lagos states that importing from Nigeria reduces prices and freight costs for them rather than importing from Europe.
“If the refinery reaches 650,000bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,”
FBN Holdings shareholders approve the plan of raising #350billion in additional capital and also changing its brand name. These discussions happened in the Annual General Meeting (AGM) and were submitted to the Nigerian Exchange Limited.
The Shareholders also approved of a dividend payment of 40 kobo per 50 kobo ordinary share, which will result to #14.36 billion for 2023 financial year.
This capital raise will include issuing shares, private placements or right issues concluded and approved by the board of directors. It will align with the initiate to raise #150 billion issues by the Central Bank of Nigeria.
Concerns have been raised by The Central Bank of Nigeria (CBN) and the Ministry of Finance, concerning the Investment and Securities Bill which was proposed. The bill aims to replace 2007 Act and to update capital market regulations.
The CBN representative, Dr Tukur at the National Assembly hearing, opposed to the granting of the Securities and Exchange Commission over the public companies.
The Finance Minster, Wale Edun also emphasize on the impact of the bill and the provision it will offer the SEC board members. However the SEC Director General defended the bill and stated it has a benefitting role in Nigeria’s capital market globally.
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