JUST IN: Petrol price to drop as marketers pay N766/litre for Dangote PMS

Nigerians may no longer pay as much as N898 for a litre of petrol as recently given by the Nigerian National Petroleum Company Limited as the least amount for the product.
This indication emerged with both major and independent marketers confirming that they bought a litre of petrol from the NNPCL at N766.
It was learnt that Mobil now 11Plc, Total Energies, AA Rano and other marketers had begun lifting Dangote petrol from the NNPC Trading Limited at the rate of N765.99 per litre.
Findings showed some petroleum marketers who were able to complete their payment processes on the NNPC trading payment portal commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery.

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A report by BusinessDay quotedTunji Oyebanji, managing director, 11Plc, as confirming on Thursday evening that some marketers had started lifting the products at N765.99 from Dangote Refinery through NNPC, the sole off-taker of product.

“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery,” Oyebanji said.
He added, “We don’t know the contractual financial arrangement between NNPC and the refinery but what I can confirm is we are buying at N765.99 from NNPC to lift Dangote petrol.”
Adedapo Segun, executive vice-president, downstream at NNPC, said marketers could not purchase petrol directly from the refinery because the product was still being sold at a subsidised rate.

“That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price,” he told Journalists.

JUST IN: Petrol price to drop as marketers pay N766/litre for Dangote PMS

Naira down to N1,650/$ in parallel market

The Naira yesterday depreciated to N1,650 per dollar in the parallel market from N1,645 per dollar on Wednesday.

Similarly, the Naira depreciated to N1,544.02 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,544.02 per dollar from N1,539.65 per dollar on Wednesday, indicating N4.37 depreciation for the naira. The volume of dollars traded (turnover) in the official market declined by 37.2 percent to $87.51 million from $139.48 million traded on Wednesday.

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Consequently, the margin between the parallel market and NAFEM rate widened to N105.98 per dollar from N105.35 per dollar on Wednesday.

Naira down to N1,650/$ in parallel market

NCC moves to boost internet speed with 6GHz spectrum

The Nigerian Communications Commission (NCC) on Thursday said it has begun moves to harness 6GHz spectrum for improved internet speed in Nigeria.

The Executive Vice Chairman of the Commission, Dr. Aminu Maida, disclosed this during a Stakeholders’ Consultative Forum on Emerging Technologies in Lagos.

The 6 GHz spectrum is a band of radio frequencies that offers several benefits for wireless communication, including faster data rates and transmission speeds than previous bands.

According to the EVC, deploying this higher spectrum became necessary as the current 5GHz and 2.4GHz bands are facing capacity constraints.

Growing demands for speed 

Maida, who was represented by the Executive Commissioner of Technical Services at NCC, Abraham Oshadami, said the move would address the growing demand for high-speed internet.

He added that Nigeria would be joining the league of countries already utilizing part of the 6GHz band for Wi-Fi -6 applications.

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“The 6GHz band, spanning from 5925 MHz to 7125 MHz, offers a substantial increase in available spectrum, which is crucial for supporting the growing demand for high-speed internet and advanced applications. 

“Wi-Fi plays a crucial role in the distribution of fixed broadband connectivity in homes, offices, and various other environments. 

“The vast majority of home internet traffic is connected to the end-user through Wi-Fi. 

“In enterprise settings, Wi-Fi is essential for handling large amounts of data and simultaneously connecting large numbers of devices with improved reliability, higher data throughput and lower latencies,” Maida said. 

Overcrowded airwaves 

Similarly, the Head, of Spectrum Administration at the NCC, Atiku Lawal, said that the overcrowded airwaves were currently limiting the potential of Wi-Fi in the 2.4GHz and 5GHz.

• Lawal said that it was not a surprise that more than seventy countries had already acted, or were considering acting on opening the 6GHz band for unlicensed Wi-Fi use.

• He noted that depending upon the country’s implementation plan, this decision would provide two to three times the spectrum available today.

• This is also expected to result in the ability to implement 80MHz and 160 MHz channels being available for the new Wi-Fi 6 standard ideal to support digital transformation efforts and use cases like high definition video and X Reality (XR).

“The commission’s decision to open the 6GHz frequency band for unlicensed Wi-Fi use is poised to revolutionize broadband connectivity in Nigeria. 

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“This move will significantly enhance internet services, providing faster and more reliable connections. With the advent of Wi-Fi 6, users can expect higher data rates and increased capacity, making it ideal for high-demand environments such as stadiums, airports and offices,” he said. 

He added that by offloading devices from cellular networks to Wi-Fi 6, the NCC aims to improve overall quality of service, alleviating capacity constraints and boosting broadband penetration in Nigeria.

Operators’ request 

While commending the NCC, the Chairman of the Association of Licensed Telecoms Operators of Nigeria (ALTON), Gbenga Adebayo, pleaded with the Federal Government to assist operators in upgrading to the new spectrum.

• He said the appeal was coming because operators struggled to expand their networks.

• Adebayo, who was represented by the Executive Secretary, ALTON, Gbolahan Awonuga, said the telecom operators are not isolated from the harsh financial ecosystem.

“We need money to upgrade our infrastructure and import equipment, so as for us to benefit from the 6GHz. 

“Our members are struggling to expand their infrastructure. We appeal to the federal government to come to our aid.”  

NCC moves to boost internet speed with 6GHz spectrum