Business
CORAN Opposes Petrol Imports as Marketers Shun Dangote Refinery Supply

The Crude Oil Refiners Association of Nigeria (CORAN) has expressed strong opposition to a recent decision by petroleum marketers to import Premium Motor Spirit (PMS) despite the availability of petrol from Dangote Refinery.
Eche Idoko, the Publicity Secretary of CORAN, voiced these concerns in a statement, criticizing the marketers for turning to imports when a domestic option is readily accessible.
This reaction comes as reports indicate that 141 million litres of PMS are being transported to Nigeria by oil vessels following the recent deregulation of the downstream oil sector by the Federal Government.
The Nigerian National Petroleum Company Limited (NNPCL) has announced new pricing for petrol at its retail outlets across the country, with prices ranging from N950 to N1,019.22 per litre, depending on the location.
This pricing adjustment followed the successful lifting of petrol from the Dangote Refinery.
A price dispute has arisen between Dangote Refinery and NNPCL, with NNPC claiming it purchased Dangote petrol at N898 per litre, a statement that the Lagos-based refinery disputes.
The recent shift towards importing petrol by marketers, who seem dissatisfied with Dangote’s pricing structure, has further fueled tensions.
Idoko raised concerns over the quality of imported petrol, alleging that some of it is substandard and may have been blended in places like Malta or Togo.
He emphasized that this new regime could offer better pricing than the previously imported products, which have not met the necessary standards.
He also addressed fears among marketers that Dangote could dominate the market, asserting that such concerns have been mitigated by Dangote’s commitment to join CORAN.
Idoko highlighted that the current regulatory framework, including the Petroleum Industry Act, ensures that no single entity can monopolize the market.
In response to the importation issue, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has stated that any imported petrol must undergo three rigorous tests before it can be sold in Nigeria.
George Ene-Ita, a spokesperson for NMDPRA, reiterated that while marketers with import licenses are permitted to import PMS, the products must meet specific quality standards.
Earlier this year, Aliko Dangote, President of Dangote Group, expressed confidence that the start of operations at his refinery would ultimately eliminate the need for fuel imports in Nigeria, positioning the refinery as a key player in the nation’s petroleum landscape.
Business
Korean Soju Becomes a Hit in UK’s Supermarket and Bars

Korean soju, a clear, distilled liquor traditionally made from rice, has experienced a significant surge in popularity across the United Kingdom. This rise mirrors the growing appreciation for Korean cuisine and culture among British consumers.
Leading UK supermarkets, including Sainsbury’s, Tesco, and Lidl, have expanded their product ranges to include various soju brands. For instance, Sainsbury’s has introduced products like Jinro Chamisul Soju, which offers consumers the convenient access to this traditional Korean spirit.
Modern soju producers have introduced fruit-infused variants and creative packaging to appeal to younger audiences.
Flavors such as green grape, grapefruit, plum, and strawberry have become particularly popular. Brands like Jinro have capitalized on this trend, offering products like Jinro Green Grape Soju and Jinro Grapefruit Soju, which provide a sweeter, more approachable taste profile.
The rising interest in soju aligns with the broader wave of Korean cultural influence, often referred to as the “Korean Wave” or “Hallyu.” This encompasses the global popularity of K-pop, Korean cinema, and television dramas, which have collectively heightened curiosity about Korean culinary traditions.
According to a 2023 survey by the Department for Culture, Media and Sport (DCMS), 64.1% of British respondents expressed willingness to purchase Korean food and services, the highest rate in Europe.
HiteJinro, a leading soju producer, reports a remarkable average annual export growth rate of 73% to the UK over the past three years. This underscores the expanding market and the increasing acceptance of soju among British consumers.
Industry experts suggest that the innovative approaches of Korean drinks brands, including the introduction of single-serving flavored options and appealing packaging, have significantly contributed to this upward trend.
Business
Superdry Closes Bradford Store Due to Rising Costs and Fewer Shoppers

High street fashion retailer Superdry is closing its Bradford Broadway store today, marking another chapter in the ongoing challenges faced by traditional retail outlets. The store is hosting a significant clearance sale, offering customers substantial discounts as it prepares to shut its doors for good.
This closure is part of a trend affecting the UK’s high streets. In 2024, approximately 13,479 retail stores closed across the country, equating to an average of 37 closures per day—a 28% increase from the previous year. The Centre for Retail Research anticipates that this trend will continue, forecasting around 17,350 retail site closures in 2025.
Several factors contribute to these widespread closures:
- Shift to Online Shopping: Consumers are increasingly favouring online shopping platforms, reducing foot traffic in physical stores.
- Rising Operational Costs: Retailers are grappling with escalating expenses, including higher national insurance contributions and increased minimum wage requirements.
- Economic Pressures: High inflation rates have led to reduced consumer spending, impacting retailers’ revenues.
Other retailers, such as Beales and New Look, are also closing various branches due to financial pressures. Beales, for instance, will close its last remaining store in Poole on May 31, while New Look plans to shut nearly 100 outlets.
The decline in traditional high street shopping has resulted in significant job losses, with nearly 170,000 retail jobs lost in 2024 alone, marking the highest annual loss since 2020. Experts predict that 2025 may bring even worse outcomes for retail jobs and store closures.
Business
Dangote Refinery Lowers Petrol Price to N815 Per Litre

Dangote Refinery has reduced its ex-depot price for premium motor spirit (PMS) to N815 per litre. This adjustment follows a drop in fuel landing costs, which recently fell to N774.82 per litre, lower than Dangote’s previous ex-depot price of N825 per litre.
Industry insiders have confirmed the price reduction, although Dangote Refinery has not made any official statement about it.
Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria, acknowledged the change. He explained that speculation about lower prices for imported products is fueling the competition. He added that since Dangote has a large supply of fuel, reducing prices helps to protect its market share.
It’s unclear whether this reduction will affect the pump price at Dangote-affiliated stations like MRS, which currently sells petrol at N860 per litre in Lagos and N880 in Abuja.
In recent months, Dangote Refinery and the Nigerian National Petroleum Company Limited have been locked in a competitive price battle.
Meanwhile, the Petroleum Products Retail Outlet Owners Association recently met with the Minister of State for Petroleum, Heineken Lokpobiri, to push for more stable and competitive fuel prices.
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Korean Soju Becomes a Hit in UK’s Supermarket and Bars