Business
NNPCL Raises Petrol Price to N1,030 as Exclusive Deal with Dangote Refinery Ends
The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Petroleum Motor Spirit (PMS), commonly referred to as petrol, to N1,030 per litre.
This significant increase was noticed at NNPCL stations in Abuja on Wednesday, causing concern among consumers and stakeholders alike.
This price hike comes on the heels of a major shift in the NNPCL’s operational strategy.
The company recently announced the termination of its exclusive purchase agreement with Dangote Refinery, which has been a significant player in Nigeria’s oil sector.
Under the previous arrangement, NNPCL had been the sole off-taker for petrol produced by the Dangote Refinery.
With the end of this exclusive agreement, independent marketers now have the opportunity to negotiate prices directly with Dangote Refinery.
The termination of this agreement signifies a pivotal change in Nigeria’s petroleum market, opening the door for increased competition among marketers.
This could potentially lead to a more dynamic pricing structure, influenced by supply and demand factors rather than being dictated solely by NNPCL.
Market analysts believe that while this change may benefit consumers in the long run, the immediate effect will likely be a further increase in fuel prices, which have already been rising in recent months due to various economic pressures.
The move has raised concerns among the public, who are already grappling with the rising cost of living.
The transportation sector, which heavily relies on petrol, may face increased operational costs, leading to higher fares for commuters.
Moreover, this price adjustment may exacerbate inflationary pressures across various sectors of the economy, as the cost of goods and services tied to fuel prices continues to escalate.
As the situation develops, industry stakeholders and consumers will be closely monitoring the impact of these changes on the fuel market and the broader Nigerian economy.
The hope is that increased competition among marketers will eventually lead to more favorable prices for consumers, but for now, many are feeling the pinch of this latest increase.
Price of beans drops and news excites traders and consumers. Residents as well express joy with price drop amid the upcoming Christmas holiday. According to a report, the price of beans has sustained a slight drop as 100kg bag of beans is sold for 150k Naira to 140k.
The price of a bag has now dropped to 100k to 120k, depending on the type of beans. It was reported that the price of beans has been dropping for the past two weeks unlike the past months.
Nigeria’s Oil Production increased in November 2024 and has reached 1.69 Million per day going 10% increase compared to that of October production.
This now secures Nigeria’s oil production as the top in the Africa Oil Production.
The crude oil production rose with 11.42% but the condensation production reduced. Despite the great progress of the production, Nigeria’s oil production still has not reached their 2024 goal of 1.78mbpd.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria, has made a passionate appeal to Nigerians, particularly the youth, urging them not to leave the country.
In a keynote address at the 59th annual Bankers Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, Cardoso highlighted the importance of staying and contributing to the growth of Nigeria’s economy.
Cardoso acknowledged the challenges facing the country but reassured citizens that the Central Bank was actively working to create an environment where both individuals and businesses could flourish.
He pointed out that leaving the country at this time could have detrimental effects, particularly for those who might choose to sell off their assets in the process.
“If you leave now, you’ll be selling your assets for a fraction of their value,” he explained.
“There are external forces looking for bargains who would take advantage of this situation, pocketing the profits and waiting for a time to sell it for a higher price.”
He further emphasized that now more than ever, Nigerians needed to stay and be part of the solution to the country’s problems.
“This is a critical time, and we need everyone’s efforts to help us turn things around,” he said.
“Leaving may seem like an easy solution, but it’s important to be part of the change and help shape the future of our nation.”
Despite the economic struggles Nigeria has faced, Cardoso remains optimistic about the country’s prospects.
He pointed to the growing interest in the Nigerian market, citing positive developments over the last year and particularly in the past six months.
“Opportunities are everywhere if we stay committed and invested in our nation’s future,” he remarked, adding that the reforms introduced by the Central Bank, although tough, were necessary to address the issues of today while securing better opportunities for tomorrow.
Actress Regina Daniels Shares Her Desire To Act In Hollywood Films
Singer Seun Kuti Expresses His Gratitude And Appreciation To Burna Boy’s Gift
Singer Timi Dakolo Shares Love Story On How He Met His Wife
-
Entertainment10 hours agoBeyoncé Breaks Records as the Most Certified Female Artist in the Music Industry
-
Politics10 hours ago“Alex Otti Strayed, But He’ll Come Back to APC”- Keyamo Says at Abia Airport Ceremony
-
Entertainment8 hours ago“Men Are Intimidated by Women Who Make Their Own Money” – Cardi B Claims
-
Sport9 hours ago“His Focus on Football Has Taken Him to This Level” – Ademola Lookman’s Father
-
Entertainment10 hours ago“Navigating the Music Business Wasn’t Easy” – Tems Speaks on Her Early Career
-
News3 hours agoAndrew and Tristan Tate Lose Over £2 Million in Seized Funds Amid Tax Evasion Allegations
-
News9 hours agoZamfara Governor Promises Safe and Supportive Environment for Corps Members
-
Relationship8 hours ago“I Suffered to Win Her Love” – Timi Dakolo Speaks on Winning Busola’s Heart