By Our Reporter

The Dangote Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, February 1, 2025. adsbygoogle || []).push({});

The Group Chief Branding and Communications Officer, Dangote Petroleum Refinery, Mr Anthony Chiejina, said this in a statement on Saturday.

Chiejina said that the price adjustment was in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.

The News Agency of Nigeria (NAN) quoted Chiejina as saying that this latest move followed a similar decision made on Jan. 19 when a modest price increase was implemented due to rising crude oil costs.

Chiejina said with recent global market trends indicating a decline, Dangote Refinery had once again adjusted its pricing structure, providing relief to Nigerians.

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide,” he said.

He said the reduction would drive down the prices of goods and services as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.

The refinery called on marketers across the country to ensure that the benefits of the reduced price were passed on to Nigerians.

Dangote refinery reiterated its support for the economic revival spearheaded by President Bola Tinubu.
According to the refinery, the Tinubu administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

Author Profile

Abdulrahman Obaje

Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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Many have attributed the unstable prices of house commodities culminating in untold hardship to the fluctuating cost of fuel as a result of dollar fluctuation. This is as a result the sale by the Federal Government of Crude Oil to both foreign and local refineries. adsbygoogle || []).push({}); com/pagead/js/adsbygoogle.js">

However, The Federal Government says it will begin crude oil sales in Naira to Dangote Refinery and others in October.

This is according to a statement by the Director Press and Public Relations, Federal  Ministry  of  Finance and Economic Planning,  Mr Mohammed Manga in Abuja on Monday, August 19th. 2024.

Manga said that the inaugural meeting with the implementation committee which was presided over by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun is to fast track the transaction.

“The Minister presided over a crucial meeting of the implementation committee on crude oil sales in Naira today.

“It is a significant step towards ensuring the speedy realisation of the presidential directive on crude oil sales in Naira with a view to enhancing Nigeria’s economic growth and development,” he said.

He said that the committee reviewed progress on key initiatives, including the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting from Oct. 1.

According to him,  key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA),  the Central Bank of Nigeria (CBN).

He said that the   Nigerian Upstream Petroleum Regulatory Commission (NUPRC).and the African Export-Import Bank (Afreximbank).were  also. assigned roles to ensure smooth implementation.

“Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November,” he said.

Meanwhile, Edun said that the transaction  would mark a significant milestone in country’s economic transformation.

He emphasised the need for transparency and directed the Technical Sub-Committee to finalisr details as well as prepare a report for the president, confirming that his directives were on track for implementation from September.

“ With the implementation committee’s progress, Nigeria is poised to witness a seamless transition to Crude Oil Sales in Naira.

“The collaboration among stakeholders, including regulatory bodies and financial institutions, will ensure a transparent and efficient implementation process.

“As the country moves towards this significant economic milestone, the impact on Nigeria’s growth and development is expected to be profound, setting a new standard for economic prosperity,”  he said.

Dr Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), and Chairman of the Technical Sub-Committee, reported that the first Premium Motor Spirit (PMS) delivery from Dangote is expected in September.

Source: NAN

Author Profile

Abdulrahman Obaje

Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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The Senate Committee’s would commence a 3-day public hearing Monday 13th September, 2021 on mineral resources owing to smuggling and illegal mining in the country.

The motion that is sponsored by the former governor of Abia State and Senator representing Abia North Senatorial District, Orji Uzor Kalu would focus on smuggling and illegal mining across the mineral resources endowed States

The cost of smuggling and illegal mining of gold was put at about $9 billion yearly in Nigeria which the Nigerian Senate expressed concern through a motion.

Relevant government and regulatory agencies in the sector would be grilled in a public hearing that will be chaired by the Chairman, Senate Committee on Solid Minerals, Mines, Steel Development and Metallurgy, Tanko Al-Makura.

According to a notice signed by Al-Makura, the Committee extended invitations to state governors; Central Bank of Nigeria; ministers of Mines and Steel Development; Finance and Budget; DGs/CEOs of parastatals and agencies under the Ministry of Mines and Steel Development; Executive Secretary of NEITI; Nigeria Labour Congress, Nigeria Immigration, among others.

Senator Kalu who is also the Chief Whip of the Senate had disclosed in the motion that mineral deposits were capable of sustaining Nigeria’s gross earnings, if smuggling and illegal activities were contained in the sector noting that Nigeria loses an estimated $54 billion from 2012 to 2018.

The lawmaker lamented the activities of unlicensed miners and incessant smuggling of the solid minerals out of the country by middlemen given the huge revenue losses, adding that over 250,000 jobs could be generated with over $500 million royalties and taxes paid to the Federal Government.

Author Profile

Abdulrahman Obaje

Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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