Business
Dangote: Our Petrol is 15% Cheaper Than NNPCL’s Imported Fuel
Aliko Dangote, President of the Dangote Group and Africa’s wealthiest man revealed that petrol produced by the Dangote Refinery is 15% cheaper than the fuel imported by the Nigerian National Petroleum Company Limited (NNPCL).
He made this statement during an interview with Bloomberg Television, addressing recent developments in Nigeria’s fuel pricing.
His comments followed NNPCL’s announcement that it purchased petrol from the Dangote Refinery for N898 per litre on September 15, 2024.
Shortly after, NNPCL raised fuel prices across the country, with costs ranging from N950 to N1,100 per litre at filling stations.
This sudden price increase created confusion in the oil and gas sector, fueling public concern about the rising cost of fuel.
Dangote clarified the situation, explaining that NNPCL had purchased approximately 800,000 metric tons of imported gasoline around the same time it bought fuel from the Dangote Refinery.
He emphasized that the petrol produced by his refinery was sold at a lower price compared to NNPCL’s imported fuel.
According to Dangote, the price NNPCL quoted for his refinery’s fuel was not the actual cost but rather the final price after adding profit margins and other expenses incurred by the state-owned company.
He stressed that Nigerians were unaware of the full cost NNPCL incurs when importing fuel, noting that imported gasoline is about 15% more expensive than the petrol produced domestically by Dangote’s refinery.
Dangote explained that NNPCL’s higher price reflects these added costs, making his refinery’s fuel more affordable by comparison.
Addressing the broader fuel pricing issue, Dangote suggested that NNPCL could opt for a basket price approach or consider removing the remaining fuel subsidies altogether.
He stated that removing the subsidies would create a more transparent pricing structure and allow the market to adjust accordingly.
This discussion on fuel pricing comes amid calls from Dangote and other industry stakeholders for the Nigerian government to eliminate fuel subsidies.
Earlier reports indicated that petrol marketers had been purchasing NNPCL’s imported fuel at an average price of N870 per litre, further highlighting the price discrepancy between locally produced and imported fuel.
In a surprising turn of events, the long-awaited airdrop from the crypto-mining app Hamster Kombat has left thousands of Nigerians frustrated and angry. After five months of non-stop tapping, users expected huge payouts, some dreaming of becoming millionaires.
However, when the coin finally launched, most users received only $1 to $4, with unconfirmed reports showing the highest payouts between $7 and $17. Social media erupted with outrage, as users expressed their disappointment in what they believed was a misleading campaign.
The app, which had promised to turn Nigerians into billionaires and CEOs, left many with small rewards, leading to widespread disillusionment. Though the coin launched with a market cap of $535.3 million and a trading volume of $448.7 million in the first 24 hours, it failed to meet user expectations.
Aviation experts support Emirates Airlines’ decision to charge passengers in dollars, citing the airline’s dollar-based costs and financial challenges in Nigeria. Emirates pays for services like airport fees and fuel in dollars, making naira pricing difficult to maintain. Olumide Ohunayo of the Aviation Round Table explained that inconsistent aviation policies in Nigeria justify the move.
Experts also noted that currency fluctuations and trapped funds have added pressure on airlines. While some customers may prefer naira payments, dollar-priced tickets are often more affordable.
Kingsley Nwokoma emphasized payment should remain a choice, warning that mandating dollar payments could cause disruptions. Meanwhile, John Ojikutu highlighted the billions foreign airlines contribute to Nigeria, questioning how these funds are managed. NANTA has requested Emirates to continue offering naira payment options alongside dollars.
The Hamster Kombat team announced that 2.3 million users were banned for cheating in their popular Telegram clicker game. They will airdrop 60 billion out of a total 100 billion Hamster Kombat (HMSTR) tokens, with 60% distributed after season one and 15% in season two.
Eligible users will receive 88.75% of their tokens immediately, while 11.25% will be vested for 10 months. Although the game claims over 300 million users, only 131 million are eligible for the airdrop. The team has rejected venture capital offers to ensure the token’s value is determined by market demand.
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