The statement further emphasized that the refinery sold the product to NNPCL in dollars, offering significant savings compared to current import prices, and reassured that the refinery would help alleviate fuel scarcity across Nigeria by ensuring availability in every local government area.
Business
FG considers suspension of sugar-sweetened beverage tax
FG considers suspension of sugar-sweetened beverage tax
The minister of finance and coordinating minister of the economy, Wale Edun has disclosed that the federal government is considering a temporary suspension of the sugar tax.
This was made known by Edun on Wednesday when the National Action on Sugar Reduction (NASR), a coalition of non-governmental organisations, visited him in Abuja.
Recall that the federal government on January 5, 2022 introduced an excise duty of N10/litre on all non-alcoholic, carbonated, and sweetened beverages.
The tax was introduced to discourage excessive consumption of sugar beverages which contributes to diabetes, obesity and other health issues.
Edun while speaking at the meeting said the potential temporary suspension of the sugar tax is under a six-month economic stabilisation plan.
“This measure aims to help beverage companies navigate the current economic difficulties without going under,” he said.
Edun said there are plans to reintroduce the tax once the economy stabilises, stressing that intervention aims to support the beverage industry “during this critical period”.
The minister said the implementation of the sugar tax would improve public health and generate additional revenue for the government.
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He agreed to the need for the presence of the tax, highlighting the dual pressures on beverage companies regarding job creation and poverty reduction, and the negative health consequences of their products.
Edun said while job creation by these companies was a positive outcome, the consumption of SSBs carries significant public health costs.
The minister said the government’s tax revenue from SSBs must be balanced against industry needs, including pricing and the cost of living.
He likened the arguments against the SSB tax to those made in the past against tobacco taxation, underscoring the importance of data-driven analysis in shaping public policy.
Edun said while the government is not in favour of companies selling unhealthy products, it recognises the need to support businesses and help people cope with the current cost of living.
“We support your need for revenue, but we must find a balance,” he said.
“The increase in foreign exchange rates is being passed on to consumers.
“While the official exchange rate was artificially pegged, products are often priced at the parallel market rate, meaning companies do not pass on the actual exchange rate to customers.”
Edun also encouraged the coalition and advocacy groups to continue providing incisive studies and robust data to strengthen the case for the sugar tax.
Speaking on behalf of the coalition, Bernard Enyia, co-chair of the NASR coalition, said the costs of insulin and diabetes care had doubled in the country.
Enyia, who is also the vice-president of the Diabetes Association of Nigeria, said the consumption of SSBs is linked to various health issues, including obesity and dental problems.
He said public health costs associated with these conditions are significant, impacting healthcare systems and reducing overall productivity.
FG considers suspension of sugar-sweetened beverage tax
Business
NNPC hints petrol may rise above N1,000/litre, releases fresh price list
NNPC hints petrol may rise above N1,000/litre, releases fresh price list
The Nigerian National Petroleum Company Limited (NNPCL) has hinted that the price of premium motor spirit (PMS), also known as petrol, may rise above N1,000 per litre in its retail stations.
In a notice on Monday, NNPC Ltd released estimated prices of petrol (obtained from the Dangote Refinery based on September 2024 pricing) in its retail stations across the country.
According to the notice, the estimated pump prices include Lagos, N950 per litre; Sokoto, N992 per litre; Oyo, N960 per litre; Kano, N999 per litre; Kaduna, N999 per litre; FCT, N992 per litre; Rivers, N980 per litre; and Borno, N1019 per litre.
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The company said in line with the provisions of the Petroleum Industry Act (PIA), petrol prices are not set by the government, but negotiated directly between parties.
“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.
“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.” the notice said.
NNPC hints petrol may rise above N1,000/litre, releases fresh price list
Business
Dangote Refinery: Tinubu committee to announce petrol price on October 1
Dangote Refinery: Tinubu committee to announce petrol price on October 1
Dangote Group has responded to reports claiming that it sold premium motor spirit (PMS) to the Nigerian National Petroleum Company Limited (NNPCL) at N898 per litre, calling the reports “misleading and malicious.”
In a statement issued by Chief Branding and Communication Officer Anthony Chiejina, Dangote Group did not confirm the specific price at which the product was sold, only stating that it was sold in dollars.
Olufemi Soneye, the NNPCL’s chief spokesperson, had previously stated that the company purchased the PMS at N898 per litre, correcting an earlier report that suggested the price was N760 per litre.
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Dangote’s statement criticized Soneye’s report as intentionally misleading, aimed at undermining the achievement of the Dangote Refinery’s recent milestone in addressing Nigeria’s energy challenges. The statement urged Nigerians to disregard the misleading claims and wait for the official price announcement from the Technical Sub-Committee on Naira-based crude sales to local refineries, which will be made on October 1, 2024.
Business
JUST IN: Northern regions to pay more for petrol after NNPC announces Dangote price
JUST IN: Northern regions to pay more for petrol after NNPC announces Dangote price
The Nigerian National Petroleum Company Limited (NNPCL) has announced that petrol sourced from the Dangote Refinery will be sold at prices exceeding N1,000 per litre in northern Nigeria.
According to a statement by NNPC spokesperson Olufemi Soneye, the cost of petrol could reach N1,019 per litre in Borno State and N999.22 in cities such as Abuja, Sokoto, and Kano.
In contrast, the price for petrol in southern regions, including Oyo and Rivers states, will be approximately N960 per litre. Lagos and its surrounding areas will see the lowest price, set at N950 per litre.
The announcement, made in a statement titled ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’, provides an overview of the anticipated retail prices across the country.
“The NNPC Ltd has released estimated prices of Premium Motor Spirit, also known as petrol (obtained from the Dangote Refinery) in its retail stations across the country.
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“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act, PMS prices are not set by the government, but negotiated directly between parties at an arm’s length,” he stated.
The company explained that the product it loaded on Sunday was paid for in dollars.
“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as naira transactions will only commence on October 1, 2024.
“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100 per cent to the general public,” the statement added.
He stated that the estimated pump prices of PMS were obtained from the Dangote Refinery and will be across NNPC retail stations in the country, based on September 2024 pricing.
Recall that the Dangote Group had disagreed with the NNPC on Sunday that it was selling PMS at N898, but it failed to release its price list.
JUST IN: Northern regions to pay more for petrol after NNPC announces Dangote price
(Punch)
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