Business
Dangote Group Defends Quality and Pricing Despite Misinformation from IPMAN and PETROAN
The Dangote Group has recently addressed the misinformation spread by the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Petroleum Tanker Owners Association of Nigeria (PETROAN), and other groups regarding the pricing of Premium Motor Spirit (PMS).
In a statement shared on their X handle, the company expressed their commitment to providing affordable, high-quality, domestically refined petroleum products while countering claims made by these associations.
Both IPMAN and PETROAN assert that they can import PMS at prices lower than those set by the Dangote Refinery.
However, the Dangote Group emphasized that their pricing benchmarks are aligned with international market rates, asserting that their prices remain competitive.
They cautioned that any claims of cheaper imported PMS should be viewed with skepticism, suggesting that such imports might be of substandard quality.
The group accused certain traders of colluding to bring in low-quality products, raising concerns about the health implications for consumers and the potential damage to vehicles in Nigeria.
In the context of the deregulated market, the Dangote Group pointed out that the Nigerian National Petroleum Corporation (NNPC) had established a price benchmark by selling PMS to domestic marketers at N971 per litre for shipments and N990 for trucks.
The Dangote Group has gone even further, selling PMS at N960 per litre for shipments while maintaining the price of N990 for truck sales.
They noted that these pricing decisions were made without full clarity on the exchange rates for crude oil purchases, indicating a commitment to transparency and fair pricing.
The statement also highlighted the troubling emergence of an international trading company that has recently set up operations next to the Dangote Refinery.
This company reportedly intends to blend substandard petroleum products, which could undermine the integrity of the domestic market.
The Dangote Group expressed concern that such actions would harm the growth of local refining capabilities in Nigeria.
The group’s stance aligns with practices observed in other countries where governments take steps to protect domestic industries.
For instance, the United States and European nations have imposed tariffs on electric vehicles and microchips to safeguard their local markets and encourage job growth.
By emphasizing the need for a robust domestic refining industry, the Dangote Group advocates for economic stability and job creation in Nigeria.
In conclusion, the Dangote Group has called on the public to disregard the misinformation spread by those who prefer to perpetuate a cycle of job exportation and poverty importation.
Business
Cardoso Says CBN’s Actions Prevented Inflation from Hitting 42.81% in 2024
Olayemi Cardoso, the Governor of the Central Bank of Nigeria, recently revealed that without the bank’s swift and strategic interventions, Nigeria’s inflation, which stood at 34.80% in December 2024, could have skyrocketed to 42.81%.
Cardoso highlighted several notable achievements during his tenure, including the unification of Nigeria’s multiple exchange rates, clearing a foreign exchange backlog of $7 billion, and boosting the country’s diaspora remittances.
He expects that by the end of the fourth quarter of 2024, remittances will hit N31.79 trillion, a significant increase from the $4.18 billion recorded in the first three quarters of 2024.
The Central Bank Governor also pointed out the remarkable rise in foreign remittances, which grew from $2.33 billion in the same period in 2023 to $4.18 billion in 2024, reflecting the effectiveness of the bank’s policies.
Business
Meta Reaches Settlement with Trump and Moves Closer to His Political Circle
In a notable legal development, Meta Platforms, the head company of Facebook and Instagram, has agreed to pay $725 million to settle a lawsuit alleging that the social media giant allowed millions of users’ personal information to be accessed by Cambridge Analytica, a firm that supported Donald Trump’s 2016 presidential campaign.
This settlement comes during a series of actions by Meta that appear to align the company more closely with former President Trump and his administration.
Recently, Meta appointed Joel Kaplan, a former aide to President George W. Bush and a prominent Republican figure, as its new head of global policy, replacing Nick Clegg.
Additionally, Meta CEO Mark Zuckerberg announced the end of Facebook’s third-party fact-checking program, acknowledging that the model had become a tool for censorship and had made “too many mistakes.”
Business
PETROAN and Dangote Refinery Team Up to Improve Gas and Fuel Distribution
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has emphasized the importance of issuing gas distribution licenses to petroleum marketers as a key step in reshaping Nigeria’s oil and gas industry.
In a statement released on Tuesday, PETROAN’s spokesperson, Joseph Obele, mentioned the significance of the move. The National Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had granted these licenses to oil marketers on the same day.
PETROAN further explained that these licenses were crucial to ensuring the success of Nigeria’s gas expansion plans, which are part of the broader vision of President Bola Ahmed Tinubu’s administration.
The statement outlined that licensees were expected to use their new authorization to contribute to the nationwide distribution of gas, with the goal of covering all 774 local government areas across the country.
In another important development, PETROAN also announced a strategic partnership with Dangote Refinery and MRS, aimed at enhancing the distribution of petroleum products across the nation.
This collaboration is set to provide Nigerians with more value for their money when purchasing Premium Motor Spirit (PMS), while also addressing price disparities by factoring in transportation costs.
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