Business
Marketers Forecast Petrol Price Drop to N600-N650 per Liter with Dangote Refinery
Nigeria’s oil marketers have projected that the price of petrol could decrease to between N600 and N650 per liter once the Dangote Refinery begins operations, depending on the production costs.
Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, shared this forecast in a statement on Monday.
Fashola’s remarks come amid recent updates indicating that the $20 billion Dangote Refinery might not commence fuel production as anticipated in mid-August 2024, contrary to previous statements from Aliko Dangote, the president of Dangote Group.
Fashola highlighted that the refinery is currently facing challenges with crude oil supply, which remains a significant issue for the Lagos-based facility.
Presently, the official price of petrol from the Nigerian National Petroleum Company Limited (NNPCL) is around N570 per liter, while private depots are selling at approximately N700 per liter.
He expressed optimism that once Dangote’s refinery is operational, it could potentially reduce the pump price to between N600 and N650 per liter, although the exact price will depend on the refinery’s production costs.
“While the official rate from NNPC is around N570 per liter, private depots are charging much higher at around N700 per liter.
We are hopeful that Dangote’s fuel will be priced between N600 and N650 per liter, with N600 being a reasonable expectation, depending on their production costs,” Fashola noted.
Additionally, last week saw a dispute between the Dangote Refinery and the Nigerian Upstream Petroleum Regulatory Commission over the allocation of 26 million barrels of crude oil, highlighting ongoing tensions in the sector.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“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.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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.
What makes this different is that customers will only pay for what they actually use. If you buy 100 minutes, those minutes are yours until you use them up. If you make a call that lasts only 30 seconds, the rest of your time remains, leaving you with 99 minutes and 30 seconds. Nothing is taken away without your knowledge, and every second is accounted for.
The company is rolling out its services with the new 0724 number series, and it already has connections with all the major networks in Nigeria. This means subscribers will be able to call friends, family, and business contacts across MTN, Airtel, Glo, 9mobile and others without any problems. They have also been licensed as a Tier 5 Mobile Virtual Network Operator, which is the highest category approved by the Nigerian Communications Commission (NCC).
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.
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