Dangote Refinery Eases Petrol Pump Price 

Nigerians may soon heave a heavy sigh of relief as Dangote Petroleum Refinery announced a cut in petrol pump price from N990 per litre to N970 per litre for marketers. The company stated that this price cut is a gesture of appreciation to Nigerians for their continued support in making the refinery a reality. As the year draws to a close, Dangote Refinery also expressed its gratitude to the Nigerian government for its unwavering support, highlighting that the reduction aligns with efforts to strengthen domestic industries for the benefit of all. In its statement, Anthony Chiejina, Group Chief Branding and Communications Officer, emphasized that while the refinery is committed to reducing costs, it will not compromise on the quality of its products.  The refinery assures the public of high-quality, environmentally friendly, and sustainable fuel. Looking ahead, Dangote Refinery is focused on increasing production capacity to meet and exceed the nation’s fuel demands, ensuring stability and security in the domestic fuel supply chain. In the Nigerian economy that is heavily challenged by deficit in transportation infrastructure, especially the near absence of reliable mass transport system, this marginal cut is expected to have a cascading effect on inflationary trend and the price of ancillary services.

IPMAN Partners with Dangote Refinery for Direct Product Supply

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has reached an agreement with Dangote Refinery to procure petroleum products directly for distribution.  Abubakar Garima, IPMAN’s National President, made the announcement in Abuja after a meeting with the Association’s National Working Committee. The partnership aims to guarantee a consistent and affordable supply of petrol, kerosene, and diesel across the country.  Garima shared that following discussions with Aliko Dangote and his team in Lagos, Dangote Refinery will provide IPMAN with products directly for its depots and retail outlets. Garima encouraged members of IPMAN to support Dangote Refinery, highlighting the benefits of using local refineries, which will create jobs and boost the nation’s foreign exchange.  He also expressed confidence that the partnership would lead to competitive pricing. Regarding the shift to Compressed Natural Gas (CNG), Garima mentioned that IPMAN is preparing for the establishment of CNG refueling stations across Nigeria.  He emphasized the potential economic benefits of CNG and reaffirmed IPMAN’s commitment to working with the Federal Government to ensure the success of the transition. This partnership between IPMAN and Dangote Refinery is set to improve the efficiency and affordability of Nigeria’s petroleum sector while fostering economic growth.

It is cheaper to import petrol than buy from Dangote refinery – IPMAN chieftain

Yakubu Suleiman, the National Assistant Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has disclosed that buying petrol is cheaper when they import than buying from Dangote Refinery. He recounted that as at last week, the local refinery was selling PMS at a bulk price of N995/Litre. Suleiman said this during an interview session he had with Arise Tv, on Friday, November 1. He said: “Dangote’s price is higher than other places. As at last week, Dangote gives at N995/litre and you have to bring your cargo to load. “How much will you pay the cargo? How much will you pay other charges to your depot? We have to pity Nigerians. “The Independent Petroleum Marketers Association of Nigeria (IPMAN), are trying their best to salvage this country at this particular time when people are suffering. “So let us go for products that are cheaper that when we sell it to the people, the people appreciates. Most people don’t understand the whole dynamics that is going on at the moment. “So when we go and buy the higher price we come and sell it as higher as what people are not expecting and they’ll start calling ‘IPMAN’. We are tired. “If people understand the dynamics they will have praised IPMAN, because we are truly patriotic to Nigerians.”

Dangote Refinery counters IPMAN on challenges faced loading its petrol

The Dangote Petroleum Refinery has said that it is misleading to suggest that the Independent Petroleum Marketers Association of Nigeria (IPMAN) are experiencing difficulties loading refined products from its refinery. The company’s statement signed by its Group Chief Branding and Communications Officer, Anthony Chiejina, on Thursday, was in response to a claim by IPMAN on Wednesday that its members can’t load petrol from the Dangote Refinery in Lagos despite having paid ₦40bn to the Nigerian National Petroleum Company Limited (NNPCL). IPMAN President Abubakar Garima, who stated this on Channels Television’s Sunrise Daily programme, expressed surprise that Aliko Dangote, the owner of the $20bn refinery, said marketers were boycotting his refinery to buy imported petrol. However, the Dangote Refinery in its statement clarified that it has not received any payments from IPMAN to purchase refined petroleum products. It stated that although discussions are ongoing with IPMAN, “it is misleading to suggest that they (IPMAN Members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them.” Consequently, the company said it cannot be held responsible for any payments made to other entities, as the payment in mention has been made through NNPCL, and not Dangote Refinery.It added that in the same vein, NNPCL has neither approved, nor authorised the company to release our Premium Motor Spirit (PMS) to IPMAN. While emphasizing that it can meet Nigeria’s demand for all petroleum products, Dangote Refinery advised IPMAN to register directly with the company and make payments for petroleum products. “We would like to emphasise that we can meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel. At present, we can load 2,900 trucks per day and we have also been evacuating petroleum products by sea. We advise IPMAN to register with us and make direct payment as we have more than enough petroleum products to satisfy the needs of their members. “Furthermore, we believe it is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu. Conducting business through public speculation is counterproductive and unpatriotic. “In the interest of our country, we encourage all stakeholders to collaborate and heed the advice of President Tinubu, while promoting a unified approach, rather than engaging in media conflicts and needless propaganda,” the statement read in part.

Senate Reconstitutes Ad-hoc Committee to Probe Economic Sabotage in Petroleum Industry

The Senate has reconstituted its Ad hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry contrary to reports that some stakeholders were working to stop the oil probe. The upper chamber also communicated the decision to reconstitute to the House of Representatives with a view to conducting a more holistic investigation that would sanitise the petroleum industry. At a session presided by the Deputy President, Senator Barau Jubrin, announced these decisions yesterday after the Leader of the Senate/Chairman of the Ad-hoc Committee, Senator Opeyemi Bamidele sponsored a motion on the need for the two chambers to jointly conduct the oil probe. In his motion yesterday, Bamidele observed that the House of Representatives had debated on the same subject and also constituted its ad-hoc committee to investigate it. He observed that there “is need for the Ad-hoc Committees of the two chambers to work together to avoid duplication in the discharge of their constitutional responsibilities.” He further called for the committee to be reconstituted and be named as “National Assembly Joint Ad-hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry”. After Bamidele’s presentation, the Senate recaptioned the title to “National Assembly Joint Ad-hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry”. The upper chamber also resolved “to communicate its decision to the House of Representatives for the purpose of constituting the equal number of an ad-hoc committee that will working with the Senate.” While Senator Opeyemi Bamidele will still chair the National Assembly Joint Ad-hoc Committee to Investigate Alleged Economic Sabotage, its members include Senator Asuquo Ekpenyong, Senator Yahaya Abdullahi; Senator Mohammed Monguno and Senator Solomon Olamilekan. Other members include: Senator Plang Diket, Senator Ipalibo Banigo; Senator Khabeeb Mustapha; Senator Adams Oshiomhole; Senator Williams Eteng Jonah; Senator Adetokunbo Abiru; Senator Osita Izunaso; Senator Sahabi Ya’u; Senator Ahmed Abdul Ningi and Senator Suleiman A. Kawu. The lawmakers agreed further that the resolution of the Senate be communicated to the House of Representatives, following which the Joint Ad-hoc Committee will be inaugurated by the presiding officers of both chamber The Senate had on Wednesday, 3rd July 2024 debated a motion on the urgent need to investigate the Importation of Hazardous Petroleum Products and Dumping of Substandard Diesel into Nigeria moved by Sen. Asuquo Ekpenyong (Cross River North). The Senate had on Thursday, 11th July 2024 recaptioned the title of the Ad-hoc Committee to Ad-hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry. After holding meetings with key stakeholders in the petroleum sector, the Bamidele Committee put its activities on hold with conducting a joint session with the lower chamber and providing workable antidotes to a myriad of challenges in the industry.

Wale Edun flags off Commencement Fuel Lifting from Dangote Refinery

History was made this afternoon, Sunday, September 15, 2024 as the the Nigerian National Petroleum Company Ltd (NNPCL) commences lifting of fuel from the Dangote Refinery. Flagging off the epoch making exercise, Finance Minister and Coordinating Minister of the Economy, Wale Edun thanked Alhaji Aliko Dangote for the initiative that positions Nigeria for the attainment of energy efficiency. Nigeria, a prominent member of the OPEC is currently going through crippling fuel supply emergency running into weeks.