Shut Down Depots Selling Petrol Above Approved Price – Marketers
The Federal Government should close down depots that are selling petrol above the approved price, oil marketers said on Thursday.
National President, Independent Petroleum Marketers Association of Nigeria, Sanusi Fari, said the sale of petrol above government approved price by depot owners would soon lead to a hike in the commodity’s pump price.
Fari told journalists in Abuja that the government through its agencies such as the Department of State Services and the Department of Petroleum Resources should curb the development to avoid crisis in the downstream oil sector.
He said some private depot owners were selling at N165 per litre to independent marketers, way above the government stipulated price of N148 per litre.
Fari said, “Our challenge is the inconsistency in the pricing of petrol. Up till a week ago, government was still insisting that the February price for petrol remained unchanged.
“And most of the private depot owners are selling above the government stipulated price. As at today ( February 25, 2021) private depot owners are selling at N165 per litre to independent marketers.”
He added, “In the last six years, only NNPC imports refined products into this country and these tank farms buy their products from NNPC under a controlled price.
“This has affected our businesses seriously because government is insisting that we sell at the rate of N165, which is not going to work.”
The IPMAN president said filling station owners buy the product at N165 per litre from the private depots and incur other expenses such as transportation, rent, etc.
“So government cannot expect us to sell less than what we buy,” he said.
Fari added, “This is why we are calling on government and agencies that are saddled with the responsibility to control petrol pricing to urgently clamp down on depots that are selling above the stipulated price.”
The Nigerian National Petroleum Corporation, the country’s sole importer of patrol, recently stated that it never hiked the cost of petrol to depots.
It also enjoined the depot owners to sell the product at the approved rate and called on the DPR to enforce the stipulated price across the depots.
Oppenheimer Acquires Full Control of Nigeria’s GZ Industries in Bet on Economic Revival
Equinor Concludes Sale of Stake in Chevron’s Agbami Oil Field to Chappal Energies
Dangote Petroleum Refinery Set to Make History with Public Listing on NGX
Aliko Dangote, the president and chief executive of Dangote Industries Limited, has announced plans to publicly list the subsidiary, Dangote Petroleum Refinery, on the Nigerian Exchange Limited (NGX).
Dangote expressed confidence in overcoming previous challenges related to crude oil supply, stating, “We have resolved all the issues with crude oil supply. We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”
The refinery, poised to commence operations in December, holds the promise of significant contributions to the Nigerian economy.
At full capacity, it is expected to produce 650,000 barrels of oil per day, with an initial rollout of 540,000 barrels daily.
The facility will produce 27 million liters of diesel, 11 million liters of kerosene, and nine million liters of jet fuel, sourcing crude from various Nigerian producers, including the state oil company.
A finalized deal for the delivery of the first cargo of approximately six million barrels next month signals the imminent realization of this ambitious project.
The refinery’s impact is anticipated to extend beyond the oil and gas sector, with projections suggesting significant cost savings for Nigeria by eliminating the need to import petrol.
Industry operators and government officials are optimistic about the transformative potential of the Dangote Refinery.
Akinwumi Adesina, President of the African Development Bank (AfDB), lauded the project as the best-industrialized initiative for Africa, projecting substantial savings for Nigeria and the continent as a whole.
As Nigeria’s largest refinery project, the facility has garnered praise from the Lagos Chamber of Commerce and Industry (LCCI).
Dr. Chinyere Almona, the LCCI Director-General, commended the visionary efforts of Aliko Dangote and the supportive federal government, emphasizing the refinery’s capacity to meet Nigeria’s refined petroleum product needs.
The impending listing on the NGX positions Dangote Petroleum Refinery as a catalyst for economic growth, energy security, and self-sufficiency in Nigeria and beyond.
Federal Government to Earn Over $500 Million in INTELS Deal
Nigeria Eyes Oil Production Surpassing OPEC Quota Amidst Positive Projections and Global Collaborations
Oil Prices Face Downward Pressure Amid OPEC+ Uncertainty and Middle East Tensions
Finance4 weeks ago
Black Market Exchange Rate Today 6th November 2023
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 14th November 2023
News3 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
News4 weeks ago
N-Power Batch C1 Programme Successfully Concluded, Investigation Ensures Eligible Beneficiaries Receive Payments
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 9th November 2023
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 10th November 2023