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Energy Analyst, Adeoye Highlights Complexities Of Nigeria’s Petrol Pricing Amid Dangote Refinery Launch
Energy policy analyst, Adeyemi Adeoye has highlighted the complexities of Nigeria’s petrol pricing following the launch of the Dangote Refinery, stressing the importance of informed dialogue and the critical role of negotiations between private refineries and the Nigerian National Petroleum Company Limited (NNPC Ltd).
He shared his views during an appearance on TVC News on Friday, which was monitored by our correspondent.
Adeoye emphasized that the emotional responses to petrol pricing have diminished since the refinery’s inauguration. “When we take sentiment out of the conversation, then the real talk can begin,” he remarked, advocating for a more rational dialogue about the oil industry.
He clarified that the NNPC Ltd was not serving as a regulator in the current deregulated environment, a point, which he contends remains misunderstood by many.
He explained, “The sentiment and undue emotions surrounding this conversation since the advent of the Dangote Refinery are subsiding. When we take the sentiment out of the conversation, then the real discussion can begin.
“The oil industry has an operational manual; there is a way it functions. We all own the NNPC. Ordinarily, if it is representing the interests of Nigeria, in this deregulated system we have seen, especially since the PIA (Petroleum Industry Act) came into effect. The NNPC is not a regulator.
“This is a point many people still do not understand. If it were a regulator, its role would be to come out in the open, maybe via a press conference, and announce the price at which the government would be selling. But, as we’ve seen, it is still the Dangote Refinery that announces the prices, and we also need to take this into consideration.
“What is happening now is a joint venture. The NNPC is familiar with joint ventures. They have joint ventures all over the upstream sector with different international oil companies operating in Nigeria, and this is what has developed between the Dangote Refinery and the NNPC — it’s a joint venture.
“The NNPC supplies Dangote Refinery with crude oil and, in return, gets refined products for Nigerians. Essentially, this is the ongoing relationship, and that is why negotiation was important. If you observe, you will notice that Dangote Refinery has not announced a price.
“Dangote did not announce a price because they need to negotiate properly, and the NNPC is the chief negotiator in this instance because it supplies the crude oil, just as the government supplies crude to Dangote.
“Dangote is also sourcing crude from Brazil and the U.S., but the NNPC is supplying crude, and on the strength of that, it goes into the negotiation.
“The key takeaway for Nigerians is that the NNPC has announced that Dangote Refinery is free to deal with any marketer on a willing buyer, willing seller basis. However, the negotiation did not start at the price announced by NNPC or Dangote. The negotiation started at a higher price, for very obvious reasons.
“In the United States (US), the average price for gas (petrol) is $3.33 per gallon. If you divide a gallon, which is about 4 liters, you get around N5,279. Breaking it down, that’s about N1,119.75 per liter. So, this is the amount Dangote would have sold it for.
“It wouldn’t have been less than N1,300. If Dangote is allowed to operate purely as a business entity, there is nothing wrong with that. But without negotiations, Nigerians could have been paying no less than N1,300 for fuel because it is an international product.
“Nigerians need to understand that to refine crude oil, you first need to produce crude oil, and producing crude oil involves what is called an oil rig.
“The cheapest oil rig you can get costs around $100,000 to $150,000 per day. So, if you have a marginal field and you are paying $150,000 per day for your crude, you will also have to pay for the vessel to transport it to Dangote.
“Dangote is not going to pay you in Naira; it is going to pay you in dollars. These are all factors that affect the pricing. It is not like other commodities; it is an internationally determined commodity, and the pricing is not something easy to determine.
“That’s why Dangote couldn’t come out to announce pricing immediately. It had to first negotiate with its suppliers, which in this case is the NNPC.” he added
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Music Icon Quincy Jones Passes Away At 91
Quincy Jones, the legendary music producer, composer, and cultural icon whose career spanned over seven decades, has passed away at the age of 91.
Jones died peacefully on Sunday night at his Bel Air home, surrounded by family, according to his publicist, Arnold Robinson.
“Tonight, with full but broken hearts, we must share the news of our father and brother Quincy Jones’ passing,” his family said in a statement. “And although this is an incredible loss for our family, we celebrate the great life that he lived and know there will never be another like him.”
Renowned for his unmatched versatility, Jones collaborated with some of the greatest musical talents of the 20th and 21st centuries, including Michael Jackson, Frank Sinatra, Aretha Franklin, and Will Smith. He played an integral role in producing Jackson’s groundbreaking albums Off the Wall, Thriller, and Bad, which catapulted the pop star to global superstardom and earned Jones worldwide acclaim.
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Born in Chicago in 1933, Jones’ journey into music began early. His childhood introduction came from a neighbor’s piano playing and his mother’s singing. After moving to Washington state following his parents’ divorce, he honed his skills in his high school band and began playing with a young Ray Charles in Seattle’s vibrant club scene.
Jones’ career took off in New York, where he played trumpet in Elvis Presley’s early TV performances and worked with bebop legends like Charlie Parker and Miles Davis. By 1958, he was working with Frank Sinatra, arranging for the singer’s band at the request of Princess Grace Kelly. Their partnership flourished, spanning several projects including Sinatra’s final album LA Is My Lady in 1984.
Throughout the 1960s and 70s, Jones’ talents extended into film and television scores, composing music for films such as The Italian Job, In the Heat of the Night, and the acclaimed The Color Purple, for which he earned three Oscar nominations. He also scored hit TV shows including The Bill Cosby Show and Roots.
In 1985, Jones produced and co-conducted the charity anthem “We Are the World” alongside Michael Jackson and Lionel Richie, raising millions for Ethiopian famine relief. Despite personal and professional challenges—including surviving a near-fatal brain aneurysm in 1974—Jones’s career continued to thrive.
Jones’ influence wasn’t limited to music. In 1990, he founded Quincy Jones Entertainment, the company behind the popular sitcom The Fresh Prince of Bel-Air, which launched the career of Will Smith. His media ventures also included the creation of Qwest TV, an on-demand music streaming service, and the magazine Vibe, which celebrated Black music and culture.
Over his career, Jones earned 80 Grammy nominations, winning 28—making him one of the most decorated artists in the award’s history. Tributes poured in following news of his death. Actor Michael Caine, who shared Jones’ birthdate, called him “a wonderful and unique human being.” Music artists such as LL Cool J expressed gratitude, saying, “You were a father and example at a time when I truly needed one. Music would not be music without you.”
Jones is survived by his seven children, leaving behind an indelible legacy that will resonate through generations to come. His life’s work transformed music, television, and culture, proving that there truly was no limit to what Quincy Jones could accomplish.
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Prayers Won’t Build Roads, Fund Children’s Education – Jesse Jagz To Nigerians
Singer and rapper Jesse Jagz has called on Nigerians to rethink their approach to religion.
Jagz suggested that African traditional religious gods have become ineffective, attributing this to the excessive alcohol given to them during rituals, which, according to him, has made them obese, diabetic, and unable to aid their worshipers.
Speaking on the ‘Big Talk’ podcast, the rapper also criticized followers of foreign religions for relying solely on prayer and expecting miracles without putting in the necessary effort. He stressed that prayers alone cannot provide essential social services or infrastructure.
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“When you go to a shrine and you see the priest pouring gin on the gods, Google how much a bottle of gin was in slavery. 40 slaves.
“Our gods are drunk on alcohol and meat. They are obese and diabetic.
“They can’t help us do anything. Prayers do not build roads or buy books for children. We have forgotten humanity,” he said.
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Presidents Invite Me To Dinner Wherever I Go – Davido Boasts
Renowned Nigerian singer, David Adeleke, known by his stage name Davido, has stated that he receives special treatment globally due to his celebrity status.
The Afrobeats sensation mentioned that he is frequently invited to presidential dinners in nearly every country he visits, with the exception of the United States and the United Kingdom.
In a recent interview with Kiss Fresh London, Davido confidently shared that his fanbase includes influential figures such as the World Bank president, presidents of powerful nations, and other notable personalities.
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“Every country we go to, the President invites us for dinner except London [United Kingdom] and the United States of America.
“It’s beautiful to see. I mean, leaving my country, Nigeria, and people welcoming me like the president in other countries, shows how well Nigeria is doing around the world in terms of music and cultural impacts,” he said.
Davido has expressed that he feels most respected in Africa, which is why he cherishes his African tours more than those in Europe and America, even though the latter bring him greater financial rewards.
He shared that his Jamaican collaborator, YG Marley, was astonished by the immense admiration from fans when he visited Nigeria for the video shoot of their joint hit, ‘Awuke.’