Business
Dangote Denies Crude Supply Issues with NNPCL
Aliko Dangote, the President and Chief Executive of Dangote Group, has clarified that his company’s 650,000 barrels per day Dangote Refinery has never accused the Nigerian National Petroleum Corporation Limited (NNPCL) of failing to supply crude oil.
Dangote issued this clarification in a statement on Thursday, addressing recent reports that claimed NNPCL provides around 60 percent of the 50 million barrels of crude lifted by the refinery.
In his statement, Dangote emphasized that the refinery’s main issue has been with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and its perceived failure to enforce the 450,000 barrels per day domestic supply obligation.
He explained that while the Dangote Refinery was built specifically to process Nigerian crude oil blends, obtaining sufficient crude has been a challenge.
Dangote noted that when the refinery approached International Oil Companies (IOCs) operating in Nigeria for crude oil, it was either redirected to third parties or informed that their cargoes were already committed elsewhere.
Despite ongoing efforts to resolve these supply issues, the refinery remains open to exploring additional opportunities to supplement its crude oil supply.
Further clarifying the situation, Dangote stated, “Our attention has been drawn to media reports suggesting that the Dangote Refinery has admitted to receiving about 60 percent of the 50 million barrels from NNPC.
To be clear, we have never accused NNPC of failing to supply us with crude oil. Our primary concern has been with NUPRC’s failure to enforce the domestic crude supply obligation, ensuring that we receive our full crude requirement from NNPC and the IOCs.”
For the month of September, the Dangote Refinery had requested 15 cargoes of crude oil, but NNPC allocated only six. Despite appeals to NUPRC, the refinery has been unable to secure the remaining cargoes.
Dangote also highlighted that when approaching IOCs in Nigeria, the refinery was often directed to their international trading arms or told that their cargoes were already committed.
Recently, President Bola Ahmed Tinubu has instructed NNPCL to sell crude oil to Dangote Refinery and other local refineries in Naira, further emphasizing the need for local refineries to receive adequate crude supplies.
Business
Dangote Refinery Cuts Petrol Price from N970 to N899.50 for the Festive Season
Dangote Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol.
The company, which is one of Nigeria’s leading oil producers, announced in a statement shared by its spokesperson, Anthony Chiejina, on its official X account on Thursday.
Effective immediately, Dangote Refinery has lowered the ex-depot price of petrol to N899.50 per litre, down from the previous rate of N970.
In his statement, Chiejina mentioned the company’s commitment to helping alleviate the financial burden on consumers during the holidays.
“We have now announced a new price of N899.50 per litre.
This reduction is designed to ease transport costs during the festive period,” he said.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS.
From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.”
In addition to the price reduction, Dangote Refinery has introduced a new incentive to make fuel more accessible for consumers.
Chiejina explained that for every litre of petrol purchased on a cash basis, buyers will have the opportunity to acquire an additional litre on credit.
This offer is backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank, providing customers with more flexible payment options.
Business
Price of Beans in Nigeria Drops to ₦100K-₦120K, Traders Show Excitement
Price of beans drops and news excites traders and consumers. Residents as well express joy with price drop amid the upcoming Christmas holiday. According to a report, the price of beans has sustained a slight drop as 100kg bag of beans is sold for 150k Naira to 140k.
The price of a bag has now dropped to 100k to 120k, depending on the type of beans. It was reported that the price of beans has been dropping for the past two weeks unlike the past months.
Business
Nigeria Reclaims Top Spot as Africa’s Leading Oil Producer in 2024
Nigeria’s Oil Production increased in November 2024 and has reached 1.69 Million per day going 10% increase compared to that of October production.
This now secures Nigeria’s oil production as the top in the Africa Oil Production.
The crude oil production rose with 11.42% but the condensation production reduced. Despite the great progress of the production, Nigeria’s oil production still has not reached their 2024 goal of 1.78mbpd.
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