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.
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“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
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Nigerians now have a new choice when it comes to making calls and browsing the internet. A new telecom company called LEBARA has launched in the country with a new idea. Instead of the usual airtime system that most networks use, this company is offering something different, subscribers will now buy call minutes and data directly.
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Company officials explained that the goal is to give Nigerians more freedom, fairness, and transparency. For years, people have raised concerns about airtime being deducted too quickly or without clear explanation. By introducing a minutes-based model, the new operator wants to end that problem once and for all. Subscribers can clearly see what they paid for, how much they have used, and what is left.
Victim of child abuse pleads and urges American billionaire and businessman, Elon Musk, to halt the spread of a link that showcases her abuse on the social media platform, X.
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The victim then expressed anger and disappointment that she is still reminded of her hurtful past and pleaded that Elon stop the link as he is the owner of the platform.
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