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.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
It can be reported that following Aliko Dangote’s investment opportunity, some investment platforms are experiencing huge traffic, causing their platforms to become slow and go down.
Two platforms openly announced their issues. Bamboo said “Hey everyone, we’re getting a much higher than expected traffic trying to get into the Dangote IPO and it’s making it difficult for some users to log into the Bamboo app. We’re working on a fix and it will be up and running shortly.”
Cowrywise also said “We’re currently seeing more traffic than usual on the Cowrywise app. Our team is already on it and working to get things back to normal. Thanks for your patience, everyone.”
Nigerian economist Bismarck Rewane advises Nigerians financially, sharing that Nigerians should engage in the Dangote Refinery initial public offering (IPO). He stated that it was a good investment.
He shared “You are better off with your N5,000 share than selling your PVC for N10,000 or N15,000 and consuming it,” Rewane said.
“If you can get 10 million shareholders to participate in the IPO, the Dangote Refinery will have the largest number of shareholders in the world,” he said.
“You Have to Vote Right” — Timaya Speaks on Nigeria’s Political Future
Rema Names His Favourite Streamers for Entertainment, Fans React
Young Jonn Revisits Old Post After Blaqbonez Offers to Collab With Him
-
Entertainment19 hours ago10 Leonardo DiCaprio Movies That Made Him a Hollywood Star
-
Entertainment19 hours agoRema Names His Favourite Streamers for Entertainment, Fans React
-
Sport19 hours ago“I Am Really Disappointed” — Mikel Arteta Reacts to Brighton Defeat
-
Entertainment19 hours agoFrom “Caro” to “Sempe”: 10 L.A.X Songs to Add to Your Playlist This Weekend
-
Entertainment19 hours agoYoung Jonn Revisits Old Post After Blaqbonez Offers to Collab With Him
-
Entertainment19 hours ago“You Have to Vote Right” — Timaya Speaks on Nigeria’s Political Future