JUST IN: Petrol price to drop as marketers pay N766/litre for Dangote PMS

Nigerians may no longer pay as much as N898 for a litre of petrol as recently given by the Nigerian National Petroleum Company Limited as the least amount for the product.
This indication emerged with both major and independent marketers confirming that they bought a litre of petrol from the NNPCL at N766.
It was learnt that Mobil now 11Plc, Total Energies, AA Rano and other marketers had begun lifting Dangote petrol from the NNPC Trading Limited at the rate of N765.99 per litre.
Findings showed some petroleum marketers who were able to complete their payment processes on the NNPC trading payment portal commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery.

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A report by BusinessDay quotedTunji Oyebanji, managing director, 11Plc, as confirming on Thursday evening that some marketers had started lifting the products at N765.99 from Dangote Refinery through NNPC, the sole off-taker of product.

“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery,” Oyebanji said.
He added, “We don’t know the contractual financial arrangement between NNPC and the refinery but what I can confirm is we are buying at N765.99 from NNPC to lift Dangote petrol.”
Adedapo Segun, executive vice-president, downstream at NNPC, said marketers could not purchase petrol directly from the refinery because the product was still being sold at a subsidised rate.

“That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price,” he told Journalists.

JUST IN: Petrol price to drop as marketers pay N766/litre for Dangote PMS

Coca-Cola to invest $1bn in Nigeria, company’s president visits Tinubu

The Coca-Cola Company has revealed plans to inject $1 billion into the Nigerian economy over the next five years.

This announcement came during a meeting between Coca-Cola’s President and CFO, John Murphy, and President Bola Tinubu in Abuja.

Murphy shared that Coca-Cola’s operations in Nigeria currently contribute around N320 billion annually through nearly 300,000 customers and generate close to N90 billion in revenue for the government.

Joined by Nigerian Bottling Company Chairman, Ambassador Segun Apata, Murphy expressed pride in Coca-Cola’s sustained growth and its impact on Nigerian communities.

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He emphasized the company’s focus on sustainability efforts, including water conservation and packaging innovations.

President Tinubu, in response, reaffirmed his administration’s dedication to fostering a business-friendly environment to attract further foreign investments.

He praised Coca-Cola for its ongoing investment in Nigeria, which supports over 3,000 jobs across nine production facilities.

CEO of Coca-Cola Hellenic Bottling Company, Zoran Bogdanovic, also highlighted the company’s confidence in Nigerian policies, citing the government’s commitment to ensuring a secure environment for foreign investments as a key factor behind the $1 billion pledge.

Bogdanovic noted that Coca-Cola has already invested $1.5 billion since 2013 and remains optimistic about Nigeria’s future growth potential.

Coca-Cola to invest $1bn in Nigeria, company’s president visits Tinubu

Naira down to N1,650/$ in parallel market

The Naira yesterday depreciated to N1,650 per dollar in the parallel market from N1,645 per dollar on Wednesday.

Similarly, the Naira depreciated to N1,544.02 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,544.02 per dollar from N1,539.65 per dollar on Wednesday, indicating N4.37 depreciation for the naira. The volume of dollars traded (turnover) in the official market declined by 37.2 percent to $87.51 million from $139.48 million traded on Wednesday.

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Consequently, the margin between the parallel market and NAFEM rate widened to N105.98 per dollar from N105.35 per dollar on Wednesday.

Naira down to N1,650/$ in parallel market