Connect with us

News

Petrol price will determine if we buy from NNPC or Dangote refinery – IPMAN

Published

on

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says the price of petrol will determine if it will buy from the Nigerian National Petroleum Company (NNPC) Limited or Dangote Petroleum Refinery.

According to Ukadike Chinedu, national publicity secretary of IPMAN, in an interview with Punch on Monday, the association is prepared to buy from either Dangote or NNPC depending on the prices they offer.

Chinedu said the NNPC’s recent clarification that it is not the sole off-taker of Dangote products gives dealers the freedom to get their products from any cheaper source.

“Now that NNPC has said they are not the sole off-taker of Dangote petrol, it then means that the price of the product would determine where we are going to buy it. If NNPC imports the product and its price is cheaper than that of Dangote, we will buy from NNPC,” Chinedu said.

He said the situation reflects the implementation of the Petroleum Industry Act (PIA) and the government’s removal of petrol subsidy, with the pricing of petrol now determined by the principles of demand and supply.

READ  Marketers to pay naira for Dangote fuel, says IPMAN

Chinedu said this competition will eventually drive down prices.

On whether marketers had started making plans to import if the imported product is more affordable, he said Abubakar Maigandi, IPMAN’s national president, has initiated discussions with investors, with plans underway to secure funding based on the current market trends.

“So, we are talking with some foreign partners because you need to understand that independent marketers are the highest buyers of diesel from Dangote refinery because we control about 80 percent of the filling stations nationwide,” he added.

“So, if Dangote PMS is cheaper we will buy it, but if importation is cheaper, we will go for it.”

Similarly, Mustapha Zarma, national operations controller of IPMAN, said while the association has not yet contacted the Dangote refinery’s sales department on the price, it plans to do so soon.

‘DECISION TO BUY FROM NNPC, DANGOTE DEPENDS ON RETURN ON INVESTMENT’

Zarma said the decision to buy from Dangote or NNPC would be based on which supplier offers a better return on investment and required margins.

READ  Good morning! Here Are Some Major News Headlines In The Newspapers Today: Strike: You risk six months jail term, FG warns workers

“We may contact the refinery’s sales department this week to find out the price,” Zarma said.

“If the price is competitive enough for one to buy and get his return on investment and the required margin, then we wouldn’t mind purchasing directly from him to complement what NNPC is bringing in or what NNPC would buy from Dangote.

“I believe that we are going to analyse the price of Dangote petrol and see the advantages of buying from Dangote viz-a-viz importation. Whichever we feel is cheaper will automatically attract everybody, especially if importation is cheaper.”

He stressed that competition would help prevent price monopoly, with the market determining local prices for refined petroleum products.

“That will bring about competition and I don’t think the government will allow price monopoly. They would want a competitive market where the laws of demand and supply would determine the local price of refined petroleum products, just like diesel is right now,” he said.

READ  Shettima assures investors of 'Nigeria's fullest support’ at Russia-Africa summit

“And with that, there is going to be some kind of equilibrium in the pricing and there is going to be guaranteed sustainability of supply.”

On September 7, NNPC denied reports that it intends to become Dangote refinery’s sole distributor.

The company also said there is no guarantee domestic refining would lead to lower prices compared to global parity pricing.

NNPC said Dangote refinery and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products.

News

Good morning! Here Are Some Major News Headlines In The Newspapers Today: Five found dead in Edo as police begin probe into suspected food poisoning

Published

on

By

 

 

1. The Police in Edo State have confirmed the death of five and the arrest of one person in connection with food poisoning at Afashio-Uzairue in Etsako West Local Government Area. Edo Police Public Relations Officer (PPRO), Moses Yamu, a Superintendent of Police (SP), said the food poisoning occurred on October 26, causing panic among residents.

 

2. Oyo State Police Command has confirmed 10 persons dead and eight others injured when a building collapsed in Jegede, Ibadan, the Oyo state capital. Oyo Police spokesman, Adewale Osifeso made this known in a statement.

 

3. The National Economic Council (NEC) has recommended the withdrawal of the Tax Reforms Bill from the National Assembly to President Bola Tinubu to allow for wider consultations. Disclosing this to journalists at the end of the 145th NEC meeting at the State House, Abuja, Oyo State Governor, Seyi Makinde, said this formed part of resolutions reached at the meeting.

READ  Petrol production delayed due to fire incident, says Dangote

 

4. Minister of Works, David Umahi, has said he will take the responsibility for any poorly constructed roads in the country under the current administration. Umahi explained that the federal government had no excuse not to finish the road projects embarked upon, noting that the ministry was not afraid to wield the ‘big stick’ by terminating the contracts of any erring companies.

 

5. The National Economic Council (NEC), on Thursday, disclosed that about 34 states, 217 local government areas were affected by the recent flooding in the country, adding that 321 persons also lost their lives. The Council also said 1,374,557 persons were affected, 740,743 displaced nationwide while 2,854 persons were injured and 281,000 houses, 258,000 cultivated farmlands were also destroyed by the ravaging flood.

 

6. The Economic and Financial Crimes Commission (EFCC) says a former minister of humanitarian affairs and poverty alleviation, Betta Edu, is still under the investigation of the anti-graft agency despite permanently exiting the cabinet of President Bola Tinubu.

READ  Good morning! Here Are Some Major News Headlines In The Newspapers Today: Dangote petrol ready for rollout

 

7. Governors of the 36 states of the federation have expressed dismay over the lingering crisis in the petroleum industry, saying it is shameful that despite being a member of the Organisation of Petroleum Exporting Countries (OPEC), Nigeria still imports petrol. Chairman of the Progressive Governors Forum and Imo State governor, Hope Uzodinma, made the expression while briefing newsmen in Abuja.

 

8. The Nigerian Safety Investigation Bureau found the wreckage of the helicopter that crashed last Thursday into the Atlantic Ocean while conveying workers of the Nigerian National Petroleum Limited from Port Harcourt. This was contained in a statement issued by the Director of Public Affairs and Family Assistance, Mrs Bimbo Oladeji, on Thursday.

 

9. The Commissioner of Police in Abia State, CP Danladi Isa, on Thursday, confirmed the death of an employee of a new generation bank identified as Mr. Victor Udensi and two others in Umuahia, assuring that the perpetrators would soon be brought to book.

READ  No plan to hike petrol to N700 per litre - IPMAN

 

10. No fewer than 15 people were reportedly killed in a renewed attack by gunmen suspected to be armed herders at Anyiin in Logo Local Government Area of Benue State. The attackers were reported to have invaded the town on Wednesday around 6:32 pm killing people.

Continue Reading

News

  Police detain VeryDarkMan after honouring invitation

Published

on

By

 

Deji Adeyanju, the Nigerian lawyer, says the police have detained VeryDarkMan, the social media critic.

 

In a Twitter post on Thursday evening, the lawyer said the activist, born Martins Otse, was detained after honouring the police invitation.

 

Adeyanju lamented that his client was taken into custody despite cooperating with the police authorities.

 

“Our client, VDM has been detained after honouring police invitation just like yesterday. VDM who has been consistent in saying the Nigerian Police are our friends even when we all know they are not,” the tweet reads.

 

The development comes after VeryDarkMan shared a video of himself in a matching suit. In the footage, he said he was heading to the police station in Abuja to respond to the invitation.

 

Trouble began when VeryDarkMan wore a police uniform and introduced himself as the “chief superintendent of police (CSP) of the online division”.

 

The police said it would launch an investigation to determine the source of the police gear used and the authority under which the activist acted.

READ  Breaking: Police officer, two Ebubeagu operatives, hoodlum in fierce gun battle

 

VeryDarkMan would later apologise to the police while emphasizing that he didn’t intend to impersonate the law enforcement agency.

 

The fitness expert had also revealed that he returned from the police station where he was interrogated based on the controversial footage.

 

The police have yet to confirm VeryDarkMan’s detention or provide further details.

Continue Reading

News

We secured over 3,000 convictions, recovered N248bn, $105m in one year – EFCC

Published

on

By

 

The Economic and Financial Crimes Commission (EFCC) says it recovered over N248 billion, $105 million, and secured 3455 convictions in one year.

Ola Olukoyede, chairman of EFCC, spoke in Abuja on Thursday during a press conference to mark his one year in office.

 

Represented by Wilson Uwujaren, EFCC’s director of public affairs, Olukoyede said the achievements were recorded between October 18, 2023, and October 18, 2024, when he assumed office.

 

“The commission within the year recovered N248, 750,049,365.52; $105,423,190.39; £53,133.64; €172,547.10; T1,300.00 Indian rupees and CAD $3,400.00 Canadian dollars,” he said.

 

“It also recovered ¥74,859:00 Chinese Yuan; AUS $ 740:00 Australian Dollars; 170:00 UAE Dirham; 73,000:00 Korean Won; CFA 7,821,375:00 and R 50:00 South Africa Rands.

 

“On asset recovery and return, the EFCC on Sept. 6 handed over to the Royal Canadian Mounted Police (RCMP) the sum of $180,300 and 53 vehicles, being assets recovered for Canadian victims of Nigerian fraudsters.”

READ  2023: I will make my intention known soon – Osinbajo

 

The EFCC chairman said $164,000 of the recovered cash assets was from one Elena Bogomas, while $16,300 belonged to another victim, known as Sandra Butler.

 

He added that about 53 vehicles recovered “were stolen over a period of time in Canada, freighted to Nigeria, and distributed to multiple locations in Nigeria by the criminal elements”.

 

He said the commission charged four former governors to court over corruption allegations in the past year.

 

The former governors are Yahaya Bello, Abdulfatah Ahmed, Willie Obiano, and Darius Ishaku.

 

Olukoyede said the commission also arrested two former ministers of power, Saleh Mamman and Olu Agunloye, who are currently facing prosecution.

 

“Also, a former minister of aviation, Hadi Sirika, is currently standing trial before two different courts: Justice S.B. Belgore of the FCT high court, Garki, and Justice Sylvanus Oriji of the FCT high court, Maitama,” he said.

 

He said Sirika is being prosecuted alongside his brother, Ahmad Sirika, and two companies, Enginos Nigeria Limited and Samahah Integrated Investment Limited, on 10 counts bordering on alleged N5.8 billion fraud.

READ  Major News Headlines In The Papers Today: IPMAN threatens to shut down fuel stations in Ogun over DSS ultimatum

 

He added that the former minister is also standing trial for six counts alongside Fatima Sirika, Jalal Hamma, and Al Buraq Global Investment Limited over alleged N2.8 billion fraud.

Continue Reading

Trending News