Business

Foreign firm hires depot to blend substandard petrol in Nigeria — Dangote

Published

3 weeks ago

November 4, 2024

Foreign firm hires depot to blend substandard petrol in Nigeria — Dangote

Dangote Petroleum Refinery, yesterday, alleged that an international trading company has hired a depot to blend substandard petroleum products in Nigeria.

The company also said its petrol is cheaper than the one imported into the country by NNPCL.
It said the international trading company plans to mislead unsuspecting local buyers in efforts to compete with its product in the domestic market.

The refinery also called on the government to protect domestic industries to provide jobs and grow the economy.

Group Chief Branding and Communications of Dangote Group, Anthony Chiejina, who raised the alarm in a statement yesterday, said: “An international trading company has recently hired a depot facility next to the Dangote Refinery, to use it to blend sub-standard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production.

“This is detrimental to the growth of domestic refining in Nigeria. We should point out that it is not unusual for countries to protect their domestic industries to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips to protect their domestic industries.

‘Disregard deliberate disinformation’

“While we continue with our determination to provide affordable, good quality, domestically-refined petroleum products in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty.

‘No lab facilities to screen products’

“Unfortunately, the regulator, NMDPRA, does not even have laboratory facilities which can be used to detect sub-standard products when imported into the country.

“Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for our pricing and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.

“In good faith, and in the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased.”

While also explaining its petrol is cheaper than the one imported into the country, Chiejina said: ‘’We had lately refrained from engaging in media fights but we are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN and other associations.

“Both organisations claim they can import PMS at lower prices than what is being sold by Dangote Refinery. We benchmark our prices against international prices and we believe our prices are competitive relative to the price of imports.

“If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing sub-standard products and conniving with international traders to dump low-quality products into the country without concern for the health of Nigerians or the longevity of their vehicles.

“Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect sub-standard products when imported into the country.

‘’Post-deregulation, the NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for our pricing and we have even gone lower to sell at N960 per litre for the sale into ships while maintaining N990 per litre for sale into trucks.

‘’In good faith, and the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we use to pay for the crude.’’

Foreign firm hires depot to blend substandard petrol in Nigeria — Dangote

Related Topics:Dangote Foreign firm substandard petrol

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PH refinery: 200 trucks will load petroleum products daily, says Presidency

Published

6 hours ago

November 26, 2024

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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.

PH refinery: 200 trucks will load petroleum products daily, says Presidency

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Breaking: CBN increases interest rate to 27.50%

Published

6 hours ago

November 26, 2024

Trends Admin

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

Published

10 hours ago

November 26, 2024

Trends Admin

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%.”