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Major marketers begin lifting petrol from Dangote Refinery

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The Nigerian National Petroleum Company Limited, NNPCL, has authorised major petroleum marketers to commence lifting premium motor spirit, PMDS, otherwise known as petrol, from Dangote Petroleum Refinery under the existing agreement between it and the refinery.

The initial agreement stated that NNPCL is the sole distributor of the refinery’s petrol with the first batch of the consignment put at 16.8 million liters lifted by NNPCL’s retail entity.

But findings showed that some major marketers, including 11 Plc have already lifted the product for distribution to their outlets in Lagos and other parts of the nation.

One of the marketers who pleaded anonymity, said: “I can confirm that we have some major marketers already lifting from the Dangote Refinery, but it is still under the NNPC arrangement with the refinery, in other words, we are lifting NNPC product from the Dangote refinery. It is not our product. We have no direct arrangement with the refinery.”

READ  Wale Tinubu congratulates Dangote as refinery commences production

 

However, it was gathered that independent marketers have not been included in this modified arrangement.

 

The National President of Independent Petroleum Marketers Association of Nigeria, IPMAN, Alhaji Abubakar Garima, confirmed that only NNPCL has access to Dangote fuel and they discharge the bulk of the products to their retail outlets.

He added that they are not yet buying from the NNPCL under the Dangote Refinery arrangement.

 

He stated: “Independent marketers are waiting for NNPCL to give the new price of the petroleum products in order to lift from them. We load at the old rate of N875 per litre as most of our members have outstanding stock with NNPCL; we were told that they will be cleared this week.”

Under the deal that made NNPCL the sole off-taker of petrol from Dangote Refinery marketers have said they may have to resort to importation in order to continue in business. Marketers have therefore asked the Federal Government to completely open up the sector to all players.

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Meanwhile, checks around Abuja and Lagos showed that four days after NNPC began loading of petrol from Dangote Refinery, many filling stations were yet to be supplied with the product and they have been locked up.

Speaking, the Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, IPMAN, Chief Chinedu Ukadike, said the group plans to begin importing their own petrol.

“There has been no progress in the situation. We have been waiting for NNPC and nothing has changed. We have information that at least three marketers are bringing in products from outside of the country. This is Dangote’s chance to work with independent marketers.

“We are asking Dangote to sell to us at the same price as NNPC. We don’t understand why he has to depend solely on NNPC to distribute its product when he has other willing buyers.

 

“We are also looking at importing to keep our business. We are also asking the Federal Government to also hand over the Port Harcourt Refinery to independent marketers. We will engage capable people to manage it. That is the only panacea to this problem”, he added.

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JUST IN: FG declares October 1 as public holiday

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The Federal Government has declared Tuesday, October 1, as a public holiday to commemorate Nigeria’s 64th independence anniversary.

Olubunmi Tunji-Ojo, minister of interior, announced the holiday on Saturday in a statement by Magdalene Ajani, permanent secretary in the ministry.

The minister praised patient and hardworking Nigerians, adding that their sacrifices would not be in vain.

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READ  NNPC made N14trn from crude oil sale in 2023
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Good Morning! Here Are Some Major News Headlines In The Newspapers Today: Bobrisky scandal: We won’t spare indicted officials –Minister

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1. The Minister of Interior, Olubunmi Tunji-Ojo, on Friday warned that officials of the Nigeria Correctional Service (NCoS) found culpable in the apartment-for-prison scandal involving notorious cross-dresser Idris Okuneye, a.k.a. Bobrisky, would not go unpunished. Tunji-Ojo, who spoke at a media briefing in Abuja to mark his one year in office, vowed that no personnel or officer of the Nigeria Correctional Service found involved in the ongoing probe would be spared.

 

2. Ahead of the resumption of flights to Nigeria by Emirates on October 1, the federal government has finalized an agreement with United Arab Emirates (UAE) authorities to guarantee reciprocal rights for Nigerian airlines willing to start flying to any UAE cities, especially Dubai.

 

3. The Economic and Financial Crimes Commission (EFCC) on Friday arrested a former governor of Taraba State, Darius Ishaku, over alleged fraud of N27 billion. He was reportedly picked up at his Abuja residence.

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4. President Bola Tinubu on Friday appointed seven executive directors for the Nigerian Television Authority (NTA).

 

A press release signed by his media aide, Bayo Onanuga, said the president re-appointed Ayo Adewuyi as the Executive Director of News.

 

5. The Minister of Interior, Olubunmi Tunji-Ojo, on Friday justified the increase in passport fees, stating that the rise was only about 45 percent. According to him, the increase was driven by the exchange rate between the dollar and the naira.

 

6. Justice Ayokunle Faji of the Federal High Court in Lagos State, on Friday, ordered the remand of four bloggers for allegedly cyberstalking and spreading false information aimed at insulting the Chief Executive Officer of Guaranty Trust Holding Company PLC, Segun Agbaje.

The bloggers, Precious Eze, Olawale Rotimi, Rowland Olonishu, and Seun Odunlami, were remanded at the Ikoyi Correctional Centre.

 

7. The Lagos State Police Command has summoned four of its officers to account for their alleged involvement in the extortion of N1 million from some National Youth Service Corps members.

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In an X post, a user tweeting as #YemieFash, identified as Olúyẹmí Fásípè, revealed that the corps members were threatened by the officers and later taken to the Kafaru Oluwole Tinubu House, Area C Police Command, where they were “robbed.”

 

8. The Lagos State Wastewater Management Office has sealed off the Orchid Shopping Centre in the Eti-Osa area of the state over a threat to public health.

 

This was disclosed in a statement shared on X.com by the state Commissioner for the Environment and Water Resources, Tokunbo Wahab, on Friday.

 

9. The House of Representatives has summoned the EFCC Chairman, the Nigerian Correctional Service Comptroller General, Bobrisky, VeryDarkMan, and all officers involved in the prosecution of Bobrisky.

 

This was contained in a letter written by the Lead Chairman of the joint committee, Jon Ginger Onwusibe, to parties on Friday over the disturbing allegations of corruption against the Economic and Financial Crimes Commission (EFCC) and the Nigeria Correctional Service.

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10. A Federal High Court in Abuja has ordered the Independent National Electoral Commission (INEC) to recognize Chief Olusola Ebiseni and Dayo Awude as the governorship and deputy governorship candidates of the Labour Party (LP) for the November 16 governorship election.

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CBN extends suspension of processing fees on deposits to March 2025

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The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on cash deposits for six months.

 

The development comes six days before the suspension date initially fixed, expires.

 

On May 1, banks resumed the collection of processing fees on cash deposits.

 

Six days later, CBN suspended charges on the deposits until September 30.

 

However, in a circular directed to all banks, other financial institutions and non-financial institutions, dated September 24, 2024, and signed by Adetona Adedeji, CBN’s director of banking supervision, the apex bank extended the date to March 31, 2025.

 

“Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates,” the apex bank said.

 

“The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.

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“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions, issued on December 20, 2019.”

 

CBN asked all financial institutions to continue accepting cash deposits from the public without any charges during the period.

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