Connect with us

Business

Petroleum Marketers register with Dangote refinery ahead of loading

Published

on

 

As Nigerians expect premium motor spirit from the Dangote Petrochemical Refinery this month, petroleum marketers have started registering with the company ahead of loading the product, according to reports.

 

The marketers are registering as individual business owners applying to get direct fuel supply from the oil refinery.

 

This is even as the Independent Petroleum Marketers Association of Nigeria said it would continue talks with the company to get bulk supply for its members who may not be able to buy a large volume of petrol from the refinery.

 

The President of the Dangote Group, Aliko Dangote, last month disclosed that it would begin the sale of PMS in June, saying his refinery would end the importation of petrol into Nigeria.

 

Speaking at the recent Africa CEO Forum Annual Summit in Kigali, Rwanda, Dangote expressed optimism about transforming Africa’s energy landscape.

 

“Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre,” he declared.

READ  Man strangles pregnant wife to death, blames it on anger

 

“We have enough gasoline to give to at least the entire West Africa, diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico.

 

“We have started producing jet fuel, we are producing diesel, and by next month, we’ll be producing gasoline. What that will do, it will be able to take most African crude,” Dangote told the panel.

 

The words of Dangote appeared to have come as a soothing balm to marketers who have not been able to import fuel for a long time.

 

To independent marketers, the news is heart-warming because they have hitherto depended on third parties to get petrol at a higher cost for their filling stations scattered across the country.

 

When he was speaking with our correspondent in May, the National Vice President of IPMAN, Hammed Fashola, expressed happiness, saying “the Dangote refinery can satisfy our needs as far as petroleum products are concerned, especially petrol”.

 

The IPMAN leader expressed the eagerness of marketers to start lifting fuel from the refinery, saying, “We are all waiting, we are eager for the commencement of the lifting on petroleum products from Dangote refinery, especially petrol”.

READ  Refinery: Oil sector mafia tried to sabotage us – Dangote

The marketer stressed that the private refinery would put an end to fuel scarcity in Nigeria as the product would no longer be imported.

 

Meanwhile, Fashola explained that IPMAN as a body is yet to have an agreement with the Dangote refinery on the supply of premium motor spirit, calling on the company to consider working directly with the association instead of individuals.

 

He noted that IPMAN should be a beautiful bride before Dangote for being in control of over 80 per cent of the filling stations in Nigeria.

 

Fashola said plans had been concluded to meet Dangote for discussions on possible price cuts. He said that they would meet with Dangote to negotiate a discount through bulk purchases.

 

The IPMAN leader said, “We have our letter with them, we are expecting their response, and we will surely do a follow-up. The letter was sent about a month ago and we are going to follow up. We are just like a ready-made market for Dangote. It is an advantage for him to have us in his programme. I believe that he would like to have us.”

READ  JUST IN: Dangote refinery slashes diesel price to N940 per litre

He added that the association would request a discount during the meeting with Dangote.“You know when you come together as a group, you have that negotiating power on your strength. There is no way we will not negotiate for a discount. That is why we don’t encourage individual company participation,” he stated.

 

While it appears the proposed meeting with Dangote has yet to materialise, Fashola informed our correspondent on Sunday that individual marketers are already applying for the product.

Asked if IPMAN had met with Dangote, he replied, “No, but we have started registering individually with the company.”

Replying to whether the marketers were no longer interested in meeting the company’s president, he said, “Discussion is still going on it.”

Meanwhile, Nigerians are eagerly waiting to start having the Dangote petrol in circulation, hoping that it would crash the current pump price of the fuel which the masses majorly depend on for transportation and individual power generation.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Otedola buys N18.9bn shares to regain position as biggest shareholder in FBN Holdings

Published

on

By

 

Femi Otedola, billionaire businessman and chairman of FBN Holdings, has regained his position as the majority shareholder of First Bank.

 

According to corporate filings on the Nigerian Exchange Group (NGX) on Thursday, Otedola now owns 9.41 percent shares in the bank.

 

This became possible after he purchased the group’s shares valued at N18.9 billion.

 

According to the corporate filings, the billionaire paid N21.91 per share or N6.935 billion for 316,506,776 shares.

 

He then bought an additional 546,674,034 shares through Calvados Global Services Limited, his holding company, for N21.97 per share — totalling N12.01 billion.

 

With this, the number of shares recently acquired totalled 863,180,810.

 

The fresh acquisition has increased Otedola’s shares (direct and indirect) in FBN Holdings to 3,380,462,950 — from 2,517,282,140 shares.

 

This means the businessman is now the highest shareholder in the company, overtaking Barbican Capital Limited, owned by Oba Otudeko, which has 3,110,400,619 direct shares.

READ  Sylvester Oromomi could have survived if... – Pathologist

 

In January, FBN Holdings appointed Otedola as the chairman of its board of directors.

 

The appointment came two years after the investor became the firm’s single largest shareholder in December 2021, when he increased his stake to 7.57 percent.

 

A month after the appointment, FBN Holdings named Barbican Capital Limited as its majority shareholder — making Otedola the second major shareholder at the time.

Continue Reading

Business

Price of 12.5kg cooking gas increased by 63% in one year, says NBS

Published

on

By

 

The National Bureau of Statistics (NBS) says the price of 12.5 kilograms (kg) of liquefied petroleum gas (LPG), better known as cooking gas, has increased by 63.85 percent in one year.

 

This is contained in the agency’s report on LPG (cooking gas) price watch for May 2024 on June 20.

 

NBS said the average price for refilling a 12.5kg cylinder of cooking gas in May increased to N15,627.40, compared to N9,537.89 in May 2023.

 

On a month-on-month basis, the bureau said the average retail price for refilling a 12.5kg cylinder of LPG dropped by 0.07 percent in a month — from N15,637.74 in April 2024 to N15,627.40 in May 2024.

 

“The average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) declined by 0.07% on a month-on-month basis from N15,637.74 in April 2024 to N15,627.40 in May 2024,” NBS said.

 

“On a year-on-year basis, this rose by 63.85% from N9,537.89 in May 2023.”

READ  Adebanjo, not Afenifere endorsed Obi — APC campaign council

 

Based on state analysis, Zamfara recorded the highest average retail price for refilling a 12.5kg cooking gas with N18,369.33, followed by Bayelsa with N17,772.21 and Abia with N17,538.02.

 

“Conversely, the lowest average price was recorded in Bauchi with N13,076.43, followed by Ebonyi and Taraba with N13,788.09 and N13,860.31 respectively,” the bureau added.

 

“Analysis by zone showed that the South-South recorded the highest average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N16,310.02, followed by the North-West with N15,991.13 while the North-East recorded the lowest price with N15,010.62.”

 

‘AVERAGE PRICE OF 5KG LPG INCREASED BY 13% IN MAY’

NBS said the average retail price for refilling a 5kg cylinder of LPG rose by 13.75 percent on a month-on-month basis — from N6,521.58 recorded in April 2024 to N7,418.45 in May 2024.

 

“On a year-on-year basis, this increased by 70.12% from N4,360.69 in May 2023,” NBS said.

READ  More troubles as Pero Adeniyi drags Annie Idibia to court, demands N500m

 

“On state profile analysis, Benue recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N8,012.03, followed by Enugu with N7,926.21, and Ondo with N7,857.53.

 

“On the other hand, Yobe recorded the lowest price with N5,842.31, followed by Jigawa and Katsina with N6,521.81 and N6,567.95 respectively.

 

“In addition, analysis by zone showed that the South-East recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N7,680.87, followed by the South-West with N6,593.93.”

 

NBS also said the north-east recorded the lowest price for May with N7,071.84.

Continue Reading

Business

Why tomato, pepper are expensive – Mile 12 market chair

Published

on

By

 

The Chairman of the Mile 12 International Market in Lagos State Shehu Usman Jubrin has pinned the recent high cost of tomato, pepper, and other perishable items on insecurity and other factors.

 

A small basket of tomatoes goes for about N35,000 at the market while the price of pepper has also jumped, raising concerns among Nigerians.

 

But Usman says the insecurity in the north is a major factor for the hike in the cost of the items.

 

“The bone of contention, the real fact is just insecurity. Let me tell you, that’s the truth. And there’s absolutely nothing the country will do. This price hike will continue. They are still buying tomato, at the rate of N1,000 for three pieces,” he said on Monday’s edition of Channels Television’s The Morning Brief.

 

“Ninety-nine per cent of the people in IDP camps are farmers. They don’t know anything apart from farming – both male and female. The people who are on the farm and are farming with one eye closed are just about 1,500 out of like 5,000 farmers we have across the whole country.”

READ  Refinery: Oil sector mafia tried to sabotage us – Dangote

According to him, some of the farmers negotiate with and pay bandits before they can go to their farms to harvest the products.

 

“In those places where you are getting all these items, there are negotiations between them and the bandits who ask them, ‘How much are you going to pay me to harvest and bring to the market?’” the Mile 12 International Market leader said.

 

“So, for as long as those people are in IDP camps, the country will continue to be in trouble in terms of food items.”

 

He also linked it to other factors including supply shortage from the northern part of Nigeria to the south.

 

“Let me just talk about tomatoes first. From November, December, January, February, March, and April, up to May, you have tomatoes from the North.

 

“You have danja, danjumi, kadawa, Kano and then Katsina states. This is the off-season now, so we expect tomatoes from Ilaro, Ogbomosho, Abeokuta, and Osun to come to Lagos, you know, and also part of Cameroon. That is a kind of substitute for the northern one.

READ  Gbajabiamila assume office as Chief of Staff (PHOTOS)

 

“But unfortunately, it’s late: the one from Cameroon, the one from Abeokuta and Ogbomosho. And as we approach the festive period, tomatoes will be expensive. The northern tomatoes are finished and we don’t have substitutes from the south.”

 

He also blamed the situation on pests, saying the diseases have led to low yields.

Continue Reading

Trending News