Business
Fuel retailers accuse Dangote refinery of targeting monopoly
Fuel retailers accuse Dangote refinery of targeting monopoly
Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has accused Dangote Petroleum Refinery of trying to muzzle competitors and working towards monopoly.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) had earlier said petrol from the refinery was more expensive than imported product.
But Dangote refinery said its ex-depot price of petrol is N990 per litre for trucks and N960 per litre for ships.
It also said any oil marketer selling petrol cheaper than its rate must be importing substandard products.
PETROAN spokesperson, Joseph Obele, in a statement on Monday, said the accusation of importing substandard products by Dangote refinery is “his usual gimmick for maintaining monopoly”.
According to the group, consumers get the best value for pricing when competition is at its peak, hence competition should be encouraged.
“PETROAN has concluded plans with her foreign Refinery counterparts and financial partners to import the best quality of PMS (petrol) and then sell far lesser than the present selling rate of PMS in Nigeria,” the retailers said.
The group said, “We planned to enter the market before December 2024, pending the approval of our import permit licence by the regulatory agency and access to foreign exchange from CBN at the official rate.
“Before now, Dangote Refinery has refused to make public her selling rate of PMS until IPMAN and PETROAN announced readiness to sell lesser.
“The rate of N990 as announced by Dangote refinery was inconsiderate base on the fact Dangote Refinery enjoyed massive concession for accessing foreign exchange during the construction of the refinery.”
Profit margin
PETROAN said the core determinant for setting the price is the cost of production and margin.
“But this wasn’t the case for the determinant of PMS price by Dangote refinery as they said the parameter was comparison with the international selling rate at the global market.
“A nation that gave you a yet to be disclosed concession for foreign exchange which was highly criticised by financial experts, such a country pricing template shouldn’t have been templated by the selling rate at the international market but rather it should have been cost of production plus fair margin.
“Goods from the China markets are not selling as high like goods from the America market because the cost of production differs.
“The allegations that PETROAN will import inferior products and saying also that an international company is trying to establish a PMS blending plant in Lagos are all strategies for Dangote Refinery to push others out of the market with a view to achieving monopoly for exploitation.
“Few months ago the CEO of Dangote Refinery said NNPC LTD was importing inferior petroleum products, that his own was far better than what NNPC Ltd was selling to marketers.
“In another press conference he said the refinery at Malta was just a blending plant and not a refinery.
“Evidences available showed that diesel (AGO) as a deregulated product was selling less than N800 in Nigeria market few weeks before the commencement of AGO production by Dangote Refinery, at the entrance of AGO market by Dangote refinery we witnessed a rapid surge above N1,000 as against the the perception of a ‘Salvaging Refinery’.”
PETROAN said Dangote refinery made the allegations “with the objectives of closing the doors for other operators so as to enjoy monopoly”.
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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