NEWS
FG Pressures Dangote, Marketers to Cut Depot Prices
Consumers seem to be getting their wish as Nigeria’s downstream petroleum market witnessed another round of price reductions on Monday, as the Federal Government’s pressure on the relevant stakeholder-segment bore fruits.
Biztellers reports that the Dangote Petroleum Refinery & Petrochemical (DPRP) and several major fuel marketers lowered depot prices for Premium Motor Spirit (PMS), popularly known as petrol, and diesel.
Analysts also trace the development to resolution of the MiddleEast crisis, growing competition and improving product availability.
Prior to the price adjustments, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, declared before a stakeholders’ meeting that the current retail price of petrol does not reflect the sharp decline in price of crude oil.
The meeting, convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), was attended by representatives of the DPRP, Major Energy Marketers Association of Nigeria (MEMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Nigerian Association of Road Transport Owners (NARTO), and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).
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The latest mid-day depot price report showed that the DPRP reduced its ex-depot petrol price in Lagos by N3 per litre, from N1,079 to N1,076 per litre, while maintaining its diesel price at N1,500 per litre.
The reduction comes as several marketers also adjusted their prices downward in an apparent bid to remain competitive in an increasingly price-sensitive market.
Among the major Lagos depots, NIPCO cut its petrol price by N2 to N1,076 per litre, while Pinnacle lowered its price by N3 to N1,075 per litre. Sahara, AIPEC, and African Terminal each reduced prices by N4, bringing their petrol prices to N1,075 per litre.
On its part, Aiteo maintained its petrol price at N1,075 per litre.
Diesel prices also softened across several depots. Rain Oil reduced its AGO price by N15 to N1,430 per litre, while Ibeto, Duport, and Ibachem all cut prices to N1,430 per litre. Dangote Refinery, however, retained its diesel price at N1,500 per litre.
Speaking after a stakeholders’ meeting on Cost-Reflective Pricing of PMS, Lokpobiri noted that while the government did not interfere when petrol prices rose in response to higher crude oil prices, there was now no justification for maintaining current pump prices with Brent crude trading below $70 per barrel.
“NMDPRA never faulted anybody as far as the price was concerned because we are operating a fully deregulated economy.
“But deregulation doesn’t mean excessive profiteering. The Petroleum Industry Act also places responsibility on NMDPRA to ensure that steps are taken to prevent unnecessary profiteering.
“When Brent crude was about $118 per barrel, prices adjusted rapidly. Now that crude prices have dropped significantly, why has the pump price not come down in the same way?” he asked.
The Minister said discussions with marketers were constructive and would continue until a framework was agreed to ensure petrol prices better reflected developments in the global crude oil market.
“We had very fruitful and frank discussions with the marketers and leaders of the downstream sector with a view to driving down the price of PMS. The engagements are still ongoing.
“We told them the concerns of Nigerian consumers, and they have agreed to go back and think of what concrete steps can be taken. Discussions are ongoing, and we believe we are getting somewhere,” he said.
In the same vein, Chief Executive of NMDPRA, Rabiu Umar, said the current disconnect between falling international crude prices and sustained domestic retail PMS prices made the engagement with marketers necessary.
He noted that previous consultations with stakeholders had helped ease prices in the domestic Liquefied Petroleum Gas (LPG) market and expressed confidence that similar dialogue would deliver positive results for petrol consumers.
“Deregulation is not a licence for market distortion or unfair consumer pricing. Sustainable profitability for marketers and consumer welfare are not mutually exclusive,” Umar said.
Meanwhile, IPMAN said petrol prices could decline below N800 per litre as independent marketers begin purchasing products directly from the DPRP.
IPMAN National President, Abubakar Garima, said the association had already reduced petrol prices by about N125 per litre across the country and would continue to lower prices whenever product acquisition costs decline.
The Nigeria Security and Civil Defence Corps has deployed Toma Enya as the new Commandant of the Osun State Command.
Enya’s deployment was approved by the NSCDC Commandant-General, Prof. Ahmed Audi, according to a statement issued by the Corps’ spokesperson, Kehinde Adeleke, on Monday in Osogbo.
The new commandant, who was transferred from the Ekiti State Command, officially assumed office on Monday, taking over from Commandant Igbalawole Sotiyo.
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Following the handing-over ceremony at the command headquarters, Sotiyo led Enya to the Government Office in Abere, where they were received on behalf of Osun State Governor, Ademola Adeleke, by the Deputy Governor, Kola Adewusi.
Speaking during the visit, Enya pledged to strengthen intelligence gathering and information sharing under his leadership.
He also assured that the command would remain committed to ensuring adequate protection of lives and property across the state.
Adewusi welcomed the new commandant to Osun and assured him of the state government’s support to enable the NSCDC to effectively discharge its statutory mandates and contribute to the security and development of the state.
Enya becomes the 18th NSCDC commandant in Osun State.
He hails from Ajaokuta Local Government Area of Kogi State and holds a Bachelor of Science degree in Geology from Ahmadu Bello University, Zaria, as well as a Master’s degree in Public Administration from Ladoke Akintola University of Technology, Ogbomoso, Oyo State.
Enya has served the Corps in various operational, investigative and administrative capacities, gaining extensive experience in security operations and management.
The NSCDC said he has also attended several professional courses within and outside Nigeria, further enhancing his expertise in security architecture, leadership and administration.
The Federal Government is committed to completing the the Oloibiri Museum and Research Centre (OMRC) by 2028.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made the disclosure during an inspection of the project in Otuabagi, Ogbia Local Government Area of Bayelsa State.
Lokpobiri expressed pleasure with the pace of construction, adding that the facility would preserve the history of Nigeria’s petroleum industry while serving as a major centre for research, tourism and industry events.
“I am very happy that I came today to see what is going on here. This is a masterpiece. The main building itself is over 10,000 square metres,” the minister said, noting that the museum and research centre would provide Nigerians and international visitors with a better understanding of the origins and evolution of the nation’s oil and gas industry, including its achievements, challenges and prospects.
The facility, he further said, will also create opportunities for conferences, exhibitions, retreats and research activities in the petroleum sector, even as he praised the quality of the work done so far and Julius Berger’s pace of work at the site.
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The minister also emphasised that the Federal Government will continue to give financial support to the project to ensure seamless execution while pledging to maintain close oversight of the project through regular visits, including unscheduled inspections, and praised Julius Berger for the quality of work completed so far, just as he appealed to the host community to sustain their cooperation with the contractors and other stakeholders to guarantee the successful delivery of the project.
Speaking on behalf of the contractor, the Project Manager, Engr. Botha de Bruyn, reaffirmed the company’s commitment to delivering the project in line with approved specifications and timelines.
He said Julius Berger recognised the historical significance of the facility and would continue to work closely with the Federal Government, the project management team and the host community to ensure its successful completion.
De Bruyn also reiterated the company’s commitment to maintaining the highest standards of quality, safety and professionalism throughout the construction process.
Providing an update on the development, the Project Director of the Oloibiri Museum and Research Centre, Architect Ladipo Lewis, said the project was conceived to recognise Otuabagi as the birthplace of Nigeria’s petroleum industry.
He explained that the facility would document and preserve the history, culture, environment and technological evolution of the oil and gas sector, while also serving as a hub for research, training and knowledge sharing.
Lewis disclosed that the project had attained over 15 per cent completion, with significant infrastructure works already executed.
Tanzania is mourning following the death of Hafidh Ameir Hassan, husband of President Samia Suluhu Hassan, who died on Monday while receiving treatment at a hospital in Zanzibar.
The death of Tanzania’s First Gentleman was officially announced by Vice-President Deogratius Ndejembi, according to the BBC.
Ndejembi said Ameir had been suffering from a heart condition and died at about 8am local time at the Emilio Mzena Memorial Hospital in Zanzibar.
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He added that funeral arrangements were underway in Kizimkazi, a village on Zanzibar.
Ameir, an agricultural academic, largely kept a low public profile and rarely appeared alongside his wife at official events.
He became Tanzania’s first First Gentleman after Samia assumed the presidency in March 2021.
The couple married in 1978, before Samia entered national politics, and had four children — three sons and a daughter.
Their daughter, Wanu Hafidh Ameir, is a politician and serves in Zanzibar’s House of Representatives.
Ruto, AU mourn First Gentleman
Kenyan President William Ruto expressed his condolences to President Samia and her family following the death.
In a message posted on X on Monday, Ruto said, “I have received with deep sorrow the news of the passing of Hafidh Ameir Hassan, husband of Her Excellency Dr Samia Suluhu Hassan, President of the United Republic of Tanzania.”
He added, “President Samia has lost a lifelong companion, her children a beloved father, and Tanzania a distinguished son.”
Ruto further said, “Kenya stands with our Tanzanian brothers and sisters in this moment of grief,” while praying for the bereaved family.
The African Union Commission Chairperson, Mahmoud Ali Youssouf, also extended his condolences to President Samia, her family and the people of Tanzania.
In a statement issued on Monday, Youssouf said the AU conveyed its “deepest condolences” over the passing of Hafidh Ameir Hassan and wished the bereaved family “strength, courage and solace.”
The AU Chairperson also prayed for the peaceful repose of the deceased, concluding, “Inalilahi wainailehi rajiun.”
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