Business
NNPCL, Dangote Refinery in Talks to Roll Out Cheaper Petrol by September 15
The Nigerian National Petroleum Company Limited (NNPCL) has confirmed ongoing negotiations with Dangote Refinery for the purchase of Premium Motor Spirit (PMS), commonly known as petrol, ahead of the refinery’s planned rollout on Sunday, September 15, 2024.
Olufemi Soneye, the spokesperson for NNPCL, shared this during an interview on Thursday.
His comments were in response to a recent statement made by Devakumar Edwin, Vice President of Dangote Industries Limited, who mentioned that local petrol marketers have been avoiding the purchase of fuel from Dangote Refinery, even though it is being offered at lower prices.
Soneye, however, disagreed with the notion that local marketers would boycott a more affordable product.
He expressed optimism that the lower prices being offered by Dangote Refinery would be attractive to the local market, making a boycott improbable.
“I don’t believe local marketers will boycott PMS with lower prices; that seems unlikely,” he said.
He went on to emphasize that NNPCL is currently engaged in discussions with Dangote Refinery to finalize the pricing of petrol, as the company looks forward to the refinery’s official commencement of PMS supply.
“We are currently negotiating prices with Dangote Refinery. We were informed that it would be available by September 15, so we are waiting for that,” Soneye added.
In a previous update, Adedapo Segun, Executive Vice President of NNPCL’s Downstream sector, had confirmed that NNPCL would indeed be lifting petrol from Dangote Refinery once the product becomes available.
This announcement comes on the heels of an early September statement made by the President of Dangote Group, who officially revealed the long-anticipated launch of the refinery’s petrol output.
The success of these negotiations and the timely supply of petrol from Dangote Refinery could mark a significant shift in the Nigerian fuel market.
This collaboration between NNPCL and the refinery is expected to address local fuel demands more efficiently, potentially bringing down prices and reducing Nigeria’s dependence on imported fuel.
The Federal Government trains 500 women and youths in food production and agriculture. The programme was started to support food security.
The Federal Ministry of Agriculture and Food Security partnered with the National Horticultural Research Institute (NIHORT).
The women and youths were taught tomato, okra and Telfairia production techniques. The government believes this will help boost agriculture, improve food production and strengthen the economy in Ogun State.
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
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