Business
Dangote Refinery to Supply 25 Million Litres of Petrol Daily Starting September 2024
The Dangote Refinery is set to supply 25 million litres of petrol daily to the Nigerian market, starting in September 2024, according to an announcement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
In a statement released on Tuesday, the NMDPRA revealed that it had convened a meeting with the Nigerian National Petroleum Company Limited (NNPCL) to finalise the supply of local crude oil to the refinery.
During the meeting, it was agreed that NNPCL would sell and supply crude oil to the Dangote Refinery in the local currency.
The NMDPRA stated on its official X (formerly Twitter) account, “NNPCL has reached an agreement to commence the sale and supply of crude oil to the Dangote Refinery in local currency at the NMDPRA headquarters in Abuja.
The refinery is set to deliver an initial supply of 25 million litres of Premium Motor Spirit (PMS) into the domestic market starting this September. By October 2024, this daily supply is expected to increase to 30 million litres.”
This development follows an official announcement by Aliko Dangote, President of Dangote Group, who confirmed that the first rollout of Premium Motor Spirit (PMS) from the 650,000 barrels per day refinery had begun.
Additionally, Dangote mentioned that the Federal Executive Council (FEC) would ultimately determine the pricing of petrol from the refinery, a decision that will likely have significant implications for the Nigerian market.
The Dangote Refinery, one of the largest in Africa, is expected to play a key role in reducing Nigeria’s reliance on imported fuel and addressing the country’s energy needs.
The commencement of domestic petrol production from this refinery is seen as a major milestone for Nigeria’s oil and gas sector.
It has been reported that Economic and Financial Crimes Commission (EFCC), prepares to look into the recent crash of the popular investment platform, CBEX.
It can be recalled that investment platform, CBEX, recently crashed and caused worry for many users. The public to social media to lament about the crash of the platform and cries out due to their losses.
Popular Nigerian blogger, Innocent Tino shares that he will partner with EFCC for a joint investigation of the downfall of CBEX. It was also shared that a total of #1.3 trillion funds have been lost due to the crash.
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has shed light on why Nigerians are still paying high prices for petrol, even though global crude oil prices have dropped sharply.
According to CORAN, the main reasons behind the high cost of Premium Motor Spirit (PMS) include the recent halt of the Naira-for-crude arrangement, the activities of profit-driven middlemen, and the rising exchange rate of the dollar.
Speaking on the matter, CORAN’s spokesperson, Eche Idoko, pointed out that these factors have made it difficult for Nigerians to enjoy any real relief at the pump. Crude oil prices recently dropped to around $64 per barrel for Brent and roughly $59.7 for WTI. This decline followed a new round of tariffs and a surprise production cut announcement by OPEC+.
Despite the global price drop, local fuel prices in Nigeria continue to rise. Idoko explained that middlemen are playing a big role in keeping prices up and preventing local refining from thriving. He also mentioned that the cost of importing refined products, logistics, and foreign exchange challenges all add up to push petrol prices even higher.
At the moment, petrol prices in Nigeria range from N900 to N975 per litre depending on the area. This increase came shortly after several major players in the industry, including partners of the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL), raised their pump prices.
MRS filling stations, a partner of Dangote Refinery, have raised petrol prices to N930 per litre in Lagos and N950 per litre in Abuja.
On Saturday, the MRS station along Kubwa Expressway in Abuja was already selling at the new rate, marking an increase of N70 to N80 per litre from the previous prices of N860 and N880.
A motorist in Abuja reacted to the price hike, saying it was expected after Dangote Refinery announced that it had stopped selling petrol in Naira.
The refinery had revealed on March 19 that it would no longer conduct petrol sales in local currency, a move that has now led to adjustments in pump prices across several stations.
Other filling stations in Abuja have also increased their rates. Empire Filling Station in Gwarimpa, for instance, raised its price to N975 per litre from N945.
Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) maintained its pump price at N880 per litre in Abuja as of Saturday evening.
-
Sport8 hours agoJoe Cole says PSG Have Big Advantage Over Arsenal in UCLSemi-final
-
Sport8 hours agoRio Ferdinand Calls Myles Lewis-Skelly a Special Talent After UCL Win Over Madrid
-
Entertainment8 hours agoJustin Bieber Says He’s Not Broke and Shuns Fake Stories
-
News8 hours ago“We warned Nigerians” – EFCC Says After CBEX Crash
-
Sport2 hours agoWe Can Win the Champions League This Year – Saka Supports Arsenal
-
Entertainment2 hours ago“Anyone Who Defames Me Will Be Arrested” – Portable Warns
-
News2 hours agoNo Grid Collapse in Four Months – Power Minister Praise Nigeria Stable Electricity