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
Dangote Refinery Explains Petrol Price Hike Due to Rising Global Oil Costs
Dangote Refinery has explained that the recent adjustment in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, is a direct result of a sharp increase in global crude oil prices.
In a statement released on Sunday, the refinery emphasized that fluctuations in international oil prices inevitably affect the cost of finished products like petrol. This week, Dangote raised the depot price of petrol by 5%, bringing it from N899.50 to N950 per litre.
Despite this increase, Dangote pointed out that the 5% rise is much lower than the 15% hike seen in global crude oil prices.
Over a short period, Brent Crude has jumped from $70 to $82 per barrel, while Nigerian crude has an additional premium of about $3 per barrel in international markets.
Business
Tijani Rejects 100% Telecom Tariff Hike, Says Increase Should Be Between 30-60%
Bosun Tijani, Nigeria’s Minister of Communications, Innovation, and Digital Economy, has assured the public that telecom operators will not be allowed to raise tariffs by 100 percent, despite their ongoing calls for increases.
In a recent interview on Channels Television’s Politics Today, Tijani addressed the telecom companies’ request for higher tariffs, which they attribute to rising operational costs, inflation, and the devaluation of the naira.
While acknowledging the need for a tariff hike, Tijani emphasized that any increase should be manageable for the people.
“I think it should not exceed 30 to 60 percent,” he stated.
“We are not going to approve a 100 percent increase,” Tijani clarified. “The companies are asking for it, believing it is what they need to stabilize. But as a government, we must ensure the growth of the sector does not come at the expense of the people.”
He also mentioned that the Nigerian Communications Commission (NCC) is still evaluating the tariff increase, working carefully to balance the needs of the telecom sector with the economic impact on Nigerians.
According to Tijani, this will involve closely examining the figures and considering how the increase might affect consumers while ensuring the sustainability of the telecom industry.
Business
CBN Fines Nine Banks N1.35bn for Not Having Cash at ATMs During Festive Season
The Central Bank of Nigeria (CBN) has imposed hefty fines on nine Deposit Money Banks for failing to ensure cash availability through their ATMs during the festive season.
The total fines amount to N1.35 billion, with each bank penalized N150 million for breaching the CBN’s cash distribution guidelines.
The affected banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank.
According to a statement by CBN’s acting Director of Corporate Communications, Mrs Hakama Sidi Ali, the sanctions reflect the apex bank’s zero-tolerance stance on cash flow disruptions, especially during high-demand periods.
Spot checks conducted on the banks’ branches revealed their non-compliance with guidelines aimed at ensuring the seamless availability of naira notes across ATMs during the yuletide season.
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