Business
Dangote refinery begins sale of petrol directly to marketers
Dangote refinery begins sale of petrol directly to marketers
The Dangote Petroleum Refinery has begun distributing Premium Motor Spirit, also known as petrol, to some oil marketers directly rather than through the Nigerian National Petroleum Company Limited.
While additional oil marketers were increasing their efforts to purchase the product directly from the facility, others were importing the commodity, with hundreds of millions of litres of imported PMS expected to arrive in Nigeria within the next two weeks.
It was gathered on Monday that no fewer than four ships carrying imported PMS arrived at seaports along the country’s borders between Friday, October 18, and Sunday, October 20.
The article referenced a document received from the Nigerian Port Authority indicating that around 123.4 million litres of PMS were berthed at two seaports to boost fuel supplies nationally.
The discovery confirmed the report, which stated that oil traders want to import the product to boost supply from the $20 billion Dangote refinery.
Meanwhile, while large oil marketers import the commodity, their counterparts have begun lifting PMS directly from the Lekki plant.
A top official at the Dangote refinery stated that marketers can now approach the corporation for direct business transactions on a willing-buyer, willing-seller basis.
“Marketers are already coming to the refinery to lift PMS. They are lifting directly from the refinery, not through a third party,” the reliable official, who spoke in confidence due to a lack of authorisation to speak on the matter, stated.
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The source, who could not reveal the price at which marketers were lifting the product, noted that the oil dealers would not come if the price was not favourable to them.
“We have reached agreements with some of the marketers, and more are still ongoing. I don’t know the exact price, but if the price is not good, the marketers would not be coming to us,” the official stated.
He emphasised that things are improving, especially as the Federal Government commenced the supply of crude to the facility.
Another official at the refinery showed one of our correspondents the trucks of some marketers loading the product directly from the plant without going through NNPC.
“Some of the trucks you saw there today were from marketers purchasing the product directly from Dangote, without recourse to NNPC. So the direct sale has started,” the source stated.
The official explained that due to the high demand for fuel in Nigeria and other countries, the Dangote refinery had focused on ensuring 53 percent of PMS production from its crude oil supplies.
“This could be reviewed in the future if the demand for other finished products increases more than the demand for petrol, but right now about 53 percent of our crude is used for petrol production, while other products account for the remaining percentage,” the official stated.
Speaking on if marketers had started the direct purchase of petrol from Dangote without recourse to NNPC, one of the notable major marketers in the country replied in the affirmative.
“Yes, everyone is in the process. This was advised that it would happen soon and is a normal business transaction,” the source stated.
Dangote refinery begins sale of petrol directly to marketers
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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