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Tinubu Promises To Ensure Energy Security And Support Dangote’s Refinery As Fuel Prices Rise

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President Bola Ahmed Tinubu has expressed confidence in Nigeria’s potential for achieving energy security while emphasizing the importance of supporting Aliko Dangote’s ambitious 650,000 barrels per day refinery.

During a recent visit by the Implementation Committee on Naira-based sales of crude oil and refined products to the Aso Villa, Tinubu outlined his vision for a sustainable oil and gas sector in Nigeria.

In a statement released by his spokesperson, Bayo Onanuga, the president highlighted the need for solutions that steer clear of the challenges Nigeria has faced in the past four decades.

He stressed that the new Naira-for-crude deal must not revert the country to previous issues experienced during the era of petrol subsidies.

Tinubu stated, “Whatever solution we proffer in crude oil and refined products sales in Naira should not take us back to our experience in the last 40 years.”

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His remarks express a commitment to avoiding past mistakes while ensuring that the oil sector operates efficiently and sustainably.

The president acknowledged that while there may be necessary adjustments in costs and revenues within the oil sector, the government will not return to outdated practices.

He emphasized the importance of creating a predictable environment for investment in the energy sector.

“We can have energy security, and the motivation for Alhaji Aliko Dangote will not be defeated,” he asserted, pointing out that a stable environment is essential for the long-term success of investments in the country’s energy landscape.

Market forces, according to Tinubu, must play a central role in determining the dynamics of the oil and gas sector. He stated,

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“The market must determine what we are doing. Once you allow the market to determine the profit and loss, independent marketers and the government can meet on the worksheet.”

In the same forum, Aliko Dangote shared his concerns regarding the performance of his refinery, which began supplying petrol on September 15, 2024. He revealed that the facility is currently operating at a loss, primarily due to petrol retailers overlooking the availability of over 500 million litres of fuel produced by the refinery.

The Nigerian government initiated the Naira-for-crude deal with Dangote Refinery on October 1, 2024, aiming to create a more stable and efficient market for crude oil sales.

However, despite this initiative, many Nigerians continue to struggle with high fuel prices, which have soared to over N1,030 per litre across NNPCL retail outlets.


 

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“Aliko Dangote is Nigeria’s Biggest Debtor” – Dr. Cosmos Maduka Claims

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Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.

The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.

“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”

“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”


 

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Dangote Drops Petrol Price Again as New Rates Start Across Nigeria

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Dangote Petroleum Refinery has once again slashed the pump price of petrol across Nigeria, offering some relief to consumers. The new price now falls between N875 and N905 per litre, reflecting a N15 drop. This update was shared on the refinery’s official social media page on Thursday.

According to Dangote, the price cut affects major fuel distributors working with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy. With this change, Lagos residents will now buy petrol at N875 per litre. Those in the South-South and South-East regions will pay N905, while the South-West sees a new rate of N885.

In the North-West and central parts of the country, it’s N895, and the North-East will also pay N905. Dangote added that their petrol and diesel are not only high-quality but also designed to support engine efficiency and reduce environmental impact.


 

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Dangote Refinery Reduces Petrol Price to N825 per Litre

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Dangote Petroleum Refinery has lowered the price of Premium Motor Spirit (PMS), or petrol, to N825 per litre, down from N835, as competition heats up in Nigeria’s fuel market.

This follows last month’s price reduction, when the 650,000 barrels per day refinery dropped the price from N865 to N835. The recent price change is aimed at providing more value to customers while strengthening Dangote’s position as a leader in the domestic market.


 

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