Updated: Petrol price may drop to N300/litre - Local refiners - Newstrends
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Updated: Petrol price may drop to N300/litre – Local refiners

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Updated: Petrol price may drop to N300/litre – Local refiners

The pump price of petrol is expected to drop to N300/litre when massive refining of crude oil by the Dangote Petroleum Refinery and other indigenous producers begins soon.

Operators of modular refineries, who stated this however pointed out that this would be achieved with the Federal Government ensuring adequate provision of crude oil to local refiners.

They disclosed this on Sunday, noting that refineries abroad were ripping off the country.

The refiners spoke under the aegis of the Crude Oil Refinery Owners Association of Nigeria in an interview with The PUNCH.

They said what happened to the cost of diesel after Dangote started producing it would happen to petrol price when being produced massively in Nigeria.

It is a registered association of modular and conventional refinery companies in Nigeria.

“A lot of companies today benefit from the importation of petroleum products at the expense of Nigerians,” the Publicity Secretary of CORAN, Eche Idoko, stated.

A report by The PUNCH on Monday quoted Idoko in an interview as saying, “If we begin to produce PMS (petrol) today in large volumes, provided there is adequate crude oil supply, I can assure that we should be able to buy PMS at N300/litre as the pump price.

“Why make Nigerians buy it at almost N700/litre when you know that if you allow refineries work the price will come down? Is it because you want to satisfy the global refiners abroad that are making so much from us?”

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When told that there are arguments that it is not possible to have such a drop in price because crude oil, the raw material for PMS, is price in dollars, the CORAN official insisted that petrol price would crash once it is being produced massively by indigenous refiners.

He said, “We were selling diesel for N1,700 to N1,800/litre, but as soon as Dangote refinery started production he brought down the price to N1,200/litre. What other proofs do you need?

As I speak to you now there is every tendency that before December diesel price will drop further. The only reason reason why diesel is not doing below N1,000/litre is because of our exchange rate.

“If the exchange rate drops, diesel will drop below the N1,000/litre price. Now the exchange rate concern is because Dangote imports crude. If he is not importing, the exchange rate may not have so much effect, though he is still buying crude in dollars (in Nigeria) anyway.”

On May 18, 2024, The PUNCH reported that Africa’s richest man, Aliko Dangote, stated that following the laid-down plans of the Dangote refinery, Nigeria would no longer need to import petrol starting June this year.

Dangote had also stated that his refinery could meet West Africa’s petrol and diesel needs, as well as the continent’s aviation fuel demand. He spoke at the Africa CEO Forum Annual Summit in Kigali, expressing optimism about transforming Africa’s energy landscape.

“Right now, Nigeria has no cause to import anything apart from gasoline (petrol) and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre,” the billionaire had declared.

Also, Dangote had earlier in the year crashed the pump price of diesel to N1,200/litre when the commodity was selling at between N1,700 and N1,800/litre at the time.

He further dropped the price to below N1,000/litre, but could not sustain this price due to the rise in exchange rate. The refinery eventually returned the price to the initial rate of N1,200/litre.

Speaking on Sunday, the CORAN spokesperson stated that this was why the modular refiners had been calling for the sale of crude oil at the naira equivalent of the dollar rate.

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“We have told them (government) that even the dollars that you are asking us to use and buy this product, it is detrimental to the country. Strengthen the naira. We will buy at the international market rate, but at a naira equivalent.

“These are the issues and they know these things but we can’t explain why they really can’t take decisions to change these concerns.

“Get crude to local refineries, allow crude purchase in naira equivalent, make the environment business-friendly and watch locally produced petroleum product prices crash,” Idoko stated.

Nigeria currently has 25 licensed modular refineries. Five of them are operating and producing diesel, kerosene, black oil and naphtha. About 10 are under various stages of completion, while the others have received licences to establish.

Operators of modular refineries earlier stated that aside from the five that are in operation currently, the remaining plants are embattled due to the major challenge of crude oil unavailability, a development that has stalled funding from financiers.

“Only about five of our members have completed their refineries. The others are having a major challenge.

“This challenge is that the people who are supposed to finance them have not disbursed financing for construction because they want some level of guarantee.

“A guarantee that if they finish the refinery, they are going to get feedstock, which, of course, is crude oil,” Idoko had explained.

Oil marketers also believe that the cost of petrol should be lower than its current price once its production begins in Nigeria.

They welcomed the comment of Dangote that his refinery should start pumping out petrol this month, and expressed hope that the cost would be less than the price which the Nigerian National Petroleum Company Limited currently sells.

“We expect a reduced price for locally produced PMS, as I’ve earlier told you,” the National President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, stated.

Maigandi, while speaking from Saudi Arabia with our correspondent on Sunday, also stated no date has been communicated to marketers on when Dangote would release petrol to the market. Officials of Dangote refinery have remained mute on this.

“It is a welcome development if the refinery can start releasing PMS this month because as marketers we are currently set to start buying the product from the plant,” Maigandi stated.

The IPMAN president earlier stated that marketers were discussing with the managers of the plant, but not specifically on petrol pricing.

“We have been discussing, but not about the price of petrol yet, rather on other matters such as the registration of members for the purchase of petrol and diesel from the refinery.

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“It is true that we have started buying diesel from them, but you have to register with the company first. So a general registration is ongoing,” he said.

Maigandi, however, stated that though marketers had yet to receive the projected price for petrol from the plant, dealers would want to see a PMS price of about N500/litre from the Dangote refinery.

“We are looking at having it (PMS) at any price below the NNPC rate. The price which NNPC sells petrol is N565.50/litre, so we are expecting something below that price, maybe around N500/litre,” Maigandi stated.

The oil dealers also joined in the call for the provision of crude oil to local refiners, stressing that this would impact positively on the prices of refined petroleum products.

“Of course, it is important for crude to be made available to local refineries because this will surely affect petroleum products’ prices positively,” the IPMAN president stated.

Updated: Petrol price may drop to N300/litre – Local refiners

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Truly Depraved Rapist Jailed for 17 Years After Violent Attack on Woman

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A 24-year-old Nigerian national, Gift Oladele, dragged a young woman into woodland and violently raped her has been jailed for 17 years after a judge described his actions as “truly depraved”.

Gift Oladele carried out the attack in Wrexham, North Wales, in September last year after approaching the victim, who was 19 at the time, as she walked home from a night out.

Oladele was convicted of rape and sexual assault at Mold Crown Court in March. He was sentenced on Thursday.

 

How the Attack Happened

The court heard that Oladele approached the woman and her friends outside a takeaway in Wrexham city centre. He initially appeared friendly and flirtatious before offering to walk home with her.

According to prosecutor James Coutts, Oladele accompanied the woman until they reached an isolated area, where he grabbed her by the mouth and forced her into the woods.

He then carried out a violent rape.

“She described being terrified,” Coutts told the court. “She did what she thought she needed to do to get through the attack.”

Oladele threatened to find and harm the victim if she reported the rape. He also threatened to take photographs of her and post them online.

Despite the threats, the woman returned home and immediately told her parents, who contacted the police.

Oladele was arrested the following day at his cousin’s home in Wrexham. Officers said he had attempted to hide a mobile phone, which contained searches relating to sexual attacks.

The court heard that Oladele had a “fascination in forced sexual abuse and rape” and that he appeared to be acting out a fantasy shown in the videos he had searched for.

 

Victim Describes Lasting Trauma

In a victim impact statement, the woman told the court that she continued to wake up from nightmares in which Oladele had tracked her down.

“I’m petrified,” she said.

She also described taking medication to prevent HIV infection after the assault and suffering long-term emotional and psychological effects.

 

“I feel ashamed, and somehow damaged, since what he did to me,” she said.

“The emotional impact has been very significant.

“I can’t go anywhere on my own anymore.

“I feel unsafe.”

Judge Simon Mills praised the woman for her courage during and after the attack.

“You showed exceptional courage during the incident and afterwards,” he told her.

 

Previous Conviction and Deportation Appeal

At the time of the Wrexham attack, Oladele was already on bail over another rape allegation in Manchester dating from November 2024.

He had also been jailed in 2022 for a sexually motivated attack.

The court heard that Oladele was later due to be deported to Nigeria but successfully challenged the decision on human rights grounds.

An immigration tribunal judge described the deportation case as “finely balanced”, acknowledging the seriousness of Oladele’s previous offence and the public interest in deporting foreign criminals.

However, the tribunal also considered his ties to the United Kingdom, where he had grown up, and the consequences of relocating to Nigeria.

The Home Office made two attempts to appeal the decision, but both appeals were rejected.

 

Judge Calls Defendant Dangerous

During sentencing, The Judge described Oladele’s actions as “truly depraved”.

 

“You subjected her to a terrible violation,” he said.

“You are a dangerous offender.”

The judge said Oladele posed an exceptionally high risk of harm to young women and had shown “absolutely no remorse whatsoever”.

The Home Office described the case as horrific and said Oladele’s imprisonment was the right outcome.

The victim’s account has highlighted not only the brutality of the attack but also the lasting fear and emotional damage that sexual violence can cause long after the offender has been convicted.

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Missing Billions: Lawmakers Summon NNPCL and 146 Marketers Over ₦432bn Downstream Debt

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Nigeria’s federal lawmakers are putting the downstream energy sector under the microscope after audit records revealed that state oil firm NNPCL and private fuel marketers have piled up at least ₦432 billion in unpaid regulatory obligations.

The House of Representatives Public Accounts Committee (PAC) confirmed the formal probe this week, following persistent warnings raised in the Auditor-General’s 2023 and 2024 annual reports.

 

Regulatory Levies Left Unpaid

The mountain of debt has accumulated over a six-year period from 2017 to 2023, remaining largely uncollected despite the country’s tight fiscal squeeze.

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The liabilities consist of statutory fees meant to fund national energy infrastructure, including the 1% Midstream and Downstream Gas Infrastructure Fund, National Transport Average fees, Balancing Allowances, and lingering credit balances from import and coastal operations.

 

Audit records track a steep rise in default:
  • The 2023 audit initially captured ₦392 billion in total arrears, with NNPCL carrying over ₦162 billion and commercial marketers responsible for ₦230 billion.
  • The 2024 report revealed that private marketer debt alone had swelled to ₦432 billion, separate from state-owned NNPCL liabilities.
  • Regulatory data from the NMDPRA confirms that 146 companies affiliated with DAPPMAN and MEMAN owed ₦327 billion by 2025.

 

No Hiding Place for Defaulters

PAC Chairman, Rep. Bamidele Salam, made it clear that parliament expects compliance from corporate leaders, issuing a firm directive against corporate stonewalling.

Salam emphasized that the committee will scrutinize why statutory revenues were permitted to sit idle without vigorous enforcement from the NMDPRA. Defaulters will be forced to present audit trails detailing every transaction, outstanding balances, and proof of any remittances made to date.

For lawmakers, the objective is unambiguous: plug commercial leakages, enforce fiscal discipline, and recover every outstanding naira owed to the federation.

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Fresh Blackout Hits Abuja as Apo Substation Transformer Trips

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Parts of the nation’s capital have once again been plunged into darkness following an early-morning equipment failure at the Apo Transmission Substation on Wednesday.

The Transmission Company of Nigeria (TCN) confirmed the outage, attributing the disruption to the tripping of a 100MVA TR4 power transformer at its 132kV/33kV facility. Preliminary findings trace the failure to an oil spillage on the transformer’s red-phase High Voltage (HV) bushing, which forced four critical 33kV feeders, H31, H33, H35, and H37 offline.

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In an official public notice, the transmission utility stated that technical teams are already mobilized on-site:

“The Transmission Company of Nigeria, TCN, hereby informs the public that the 100MVA TR4 transformer at the 132/33kV Apo Transmission Substation tripped in the early hours of today. Our maintenance crew are already carrying out a detailed investigation on the transformer to ascertain the exact cause of the tripping, to enable us effect repairs and restore the transformer.”

Following the grid disruption, the Abuja Electricity Distribution Company (AEDC) confirmed power losses across several major districts, including the Apo Legislative Quarters, Lokogoma, and Apo Resettlement.

The latest breakdown adds to a pattern of recurring supply interruptions across Abuja, coming just days after scheduled maintenance works left residents grappling with low generation and prolonged blackouts.

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