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.
South Korean police have carried out a raid on YG Entertainment’s headquarters in Seoul as part of an ongoing investigation into alleged copyright infringement involving K-pop star G-Dragon and the company’s founder, Yang Hyun Suk.
The case traces back to a complaint filed in late 2024 by a composer identified only as “Mr. A,” who claims a song he created was used without his consent more than a decade ago. According to him, the track was reworked into a medley performed during G-Dragon’s 2009 concert and later included on his 2010 live album Shine a Light.
This is the second police raid on YG in connection to the matter, with investigators said to be gathering documents and questioning individuals linked to the song’s production. Authorities have not released further details, but confirmed the investigation is still active.
YG Entertainment has rejected the accusations, insisting the issue stems from a misunderstanding. They explained that during the 2009 concert preparations, there were two completely different songs sharing the same title, which may have caused the confusion.
Popular Nigerian Billionaire, Femi Otedola, reveals how some banks treated him once his business failed in 2009.
The businessman revealed in his soon to be released book “Making It Big” and shared details of when he went bankrupt. He shares that it had to do with the sudden increase in dollars and explained how jt affected him greatly.
He then adds concerning banks “One moment, I was the darling of the banks, who did everything in the world to court me, do business with me, give me loans, take deposits from me.”
“They would send bewitching ladies to make their offers more convincing, and now I was waking up to the sight of hefty, barrel-chested men standing menacingly in front of my gate, waiting for the moment I’d step out of my compound.”
It has been reported that Coca-Cola Company has agreed to sell off Chivita and Hollandia to UAC of Nigeria.
This information was revealed after UAC of Nigeria released a statement regarding their deal with Coca-Cola. The Managing Director stated that they aim to keep Chi’s legacy and described the deal as an ‘acquisition that presents significant potential to build on Chi’s legacy of excellence and innovation.’
“We see a bright future for Chivita and Hollandia. With the strength of our team, coupled with the dedication of UAC, there will be exciting opportunities for further growth.”
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