Business
Marketers Forecast Petrol Price Drop to N600-N650 per Liter with Dangote Refinery
Nigeria’s oil marketers have projected that the price of petrol could decrease to between N600 and N650 per liter once the Dangote Refinery begins operations, depending on the production costs.
Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, shared this forecast in a statement on Monday.
Fashola’s remarks come amid recent updates indicating that the $20 billion Dangote Refinery might not commence fuel production as anticipated in mid-August 2024, contrary to previous statements from Aliko Dangote, the president of Dangote Group.
Fashola highlighted that the refinery is currently facing challenges with crude oil supply, which remains a significant issue for the Lagos-based facility.
Presently, the official price of petrol from the Nigerian National Petroleum Company Limited (NNPCL) is around N570 per liter, while private depots are selling at approximately N700 per liter.
He expressed optimism that once Dangote’s refinery is operational, it could potentially reduce the pump price to between N600 and N650 per liter, although the exact price will depend on the refinery’s production costs.
“While the official rate from NNPC is around N570 per liter, private depots are charging much higher at around N700 per liter.
We are hopeful that Dangote’s fuel will be priced between N600 and N650 per liter, with N600 being a reasonable expectation, depending on their production costs,” Fashola noted.
Additionally, last week saw a dispute between the Dangote Refinery and the Nigerian Upstream Petroleum Regulatory Commission over the allocation of 26 million barrels of crude oil, highlighting ongoing tensions in the sector.
Business
Hamster Kombat Unveils Anti-Cheating Plan
Hamster Kombat has introduced a new anti-cheating strategy to ensure fair play and protect dedicated players. The initiative targets those attempting to manipulate the game for extra benefits, issuing a “cheating is bad” warning that could affect their positions for the airdrop distribution on September 26. The team emphasized the importance of rewarding honest players and creating a secure environment.
As Season 1 of the Telegram-based Web3 game ends on September 20, Hamster Kombat will take a snapshot of the game’s activities to determine airdrop eligibility. The game, which has over 300 million users, is focused on maintaining fairness ahead of its upcoming Season 2 launch.
Business
Binance Launches ‘Moonbix’ on Telegram
Binance announced the upcoming launch of “Moonbix,” a play-to-earn (P2E) game on Telegram’s Mini App. In this game, players explore galaxies, collect items, and earn crypto rewards. Although the game leaked early, Binance is fine-tuning it for an official release and warned users to stay cautious of impersonation scams.
Telegram Mini Apps, introduced in 2023, have seen massive engagement, with popular apps like Hamster Kombat driving crypto adoption. Telegram’s integration with The Open Network (TON) has further contributed to this growth.
Business
Nigeria Earned $1.2bn from Telecom Licenses, Says Obasanjo
The Federal Government generated around $1.2 billion from telecom license fees during the early stages of mobile technology in Nigeria, with major operators like MTN, Globacom, Econet (now Airtel), and Etisalat (now 9mobile) contributing to the sum.
These fees were instrumental in laying the foundation for the country’s telecom industry, which officially began in 2000.
The sector has since become a key driver of Nigeria’s economic growth.
Former President Olusegun Obasanjo highlighted this achievement during a book launch held in Lagos on Tuesday.
He reflected on how the licensing of these operators marked a pivotal moment in Nigeria’s technological and economic development, allowing the country to leap into the era of mobile communication.
Obasanjo acknowledged the critical role these funds played in shaping the telecom industry, which has become one of the most significant sectors in the nation’s economy today.
The successful auction of these telecom licenses provided the capital necessary to build the infrastructure and networks that have connected millions of Nigerians, driving economic activity and fostering innovation across various industries.
-
News3 months ago
Abba Kyari, Suspended Deputy Commissioner of Police, Denied Bail and Returned to Prison
-
News3 months ago
Woman Arrested for Smuggling Ammunition to Terrorists in Katsina
-
News2 months ago
School Collapse in Jos: 22 Dead, 132 Injured
-
News3 months ago
Robbers Disguised as Passengers Steal Motorcycles and Kill Okada Riders in Osun State
-
Fashion3 months ago
Choose your Best Dressed at Chivido’s Wedding
-
Entertainment3 months ago
Breaking News: Activist VeryDarkMan Arrested by Nigerian Police Once Again
-
News3 months ago
Car Fires in Hamburg
-
Entertainment4 months ago
Celebrating Love: Leo Dasilva & Maryam’s Journey to ‘I Do’