Why Dangote may not offer cheaper petrol  – Expert – Newstrends
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Why Dangote may not offer cheaper petrol  – Expert

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Dangote Refinery, Aliko Dangote

Why Dangote may not offer cheaper petrol  – Expert

Oil and gas analyst Henry Adigun has explained that the costs involved in producing petrol at the Dangote Refinery in Lagos, which are influenced by dollar-based expenses, may prevent it from selling fuel at prices lower than those of the Nigerian National Petroleum Company Limited (NNPCL).

During an appearance on Inside Sources, a socio-political show on Channels Television, Adigun noted that the high-quality petrol produced at the $20 billion refinery is one factor that will influence its price. He added that the production of fuel is a dollar-dependent industry, allowing Aliko Dangote, the owner of the refinery, to determine the pricing based on the costs involved.

“Dangote incurs significant expenses. He only receives 40% of the crude from NNPCL and purchases the remaining from countries like the United States. Additionally, his refinery uses a single-train system, which means he needs to blend Nigerian crude with foreign crude for production,” Adigun explained.

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He further emphasized that Dangote secured loans in US dollars, not naira, and is required to repay these loans in dollars, contributing to the overall costs. When asked about the potential price of petrol from Dangote’s refinery, Adigun estimated it to be no less than ₦850 per litre due to these operational expenses.

Nigeria, despite being Africa’s largest economy, remains dependent on imported refined petroleum due to the inactivity of its state-owned refineries. As a result, petrol prices have significantly increased, particularly after the removal of subsidies in May 2023. This has intensified fuel scarcity and pushed prices from ₦200 to around ₦800 per litre, affecting citizens who rely heavily on petrol to power both vehicles and generators, especially in the face of unreliable electricity supply.

The Dangote Refinery, which began partial operations in December 2022, is poised to reach full production capacity of 650,000 barrels per day by the end of the year. It has already begun supplying diesel and aviation fuel, with plans to start petrol distribution once ongoing arrangements with the NNPCL are finalized. The NNPCL has announced that it will begin lifting petrol from the Dangote Refinery by mid-September, as the country continues to grapple with its energy challenges.

Why Dangote may not offer cheaper petrol  – Expert

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Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name

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Edo State Governor, Monday Okpebholo

Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name

Edo State Governor, Monday Okpebholo, has directed the immediate freezing of all state-owned bank accounts.

In a statement issued on Thursday by his Chief Press Secretary, Fred Itua, the governor stated that the accounts would remain frozen until further notice.

He instructed commercial banks, ministries, departments, and agencies (MDAs) to comply with the order immediately or face severe consequences.

The statement reads: “All state bank accounts with commercial banks have been frozen. Commercial banks must comply with this order and ensure that not a single naira is withdrawn from government coffers until further notice.

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“Heads of Ministries, Departments, and Agencies must ensure full compliance without delay.

“Following necessary investigations and reconciliations, the governor will take appropriate action and decide on the way forward. For now, this order remains in effect.”

Okpebholo also directed relevant agencies to revert the name of the Ministry of Roads and Bridges to its previous title, the Ministry of Works, a change made during the Godwin Obaseki administration.

“It is odd to name a government institution the Ministry of Roads and Bridges, especially when not a single bridge was built by the previous administration — not even a pedestrian bridge.

“In the coming days, we will examine further actions taken by the previous administration and make decisions that serve the best interests of the state,” the statement added.

 

Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name

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Israel-Palestinian conflict: Two-state solution is a deception, says Gumi

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Prominent Islamic scholar Dr. Ahmad Mahmud Gumi

Israel-Palestinian conflict: Two-state solution is a deception, says Gumi

Prominent Islamic scholar Dr. Ahmad Mahmud Gumi has criticized the widely discussed two-state solution for the Israel-Palestine conflict, calling it a “deception.”

His remarks followed a recent summit of the Organisation of Islamic Cooperation (OIC) in Riyadh, where President Bola Tinubu and other leaders condemned Israel’s actions in Gaza and urged an end to hostilities.

In an interview with Daily Trust at his Kaduna residence, Gumi argued, “This Two-State Solution is a deception. No Israeli will allow a Palestinian to survive, and Palestinians will never allow Israel to survive.

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The only solution is to dissolve the two states and create a democratically electable region.”

Gumi commended the OIC’s support for Palestine, noting that Muslims and Arabs worldwide increasingly see the treatment of Palestinians as “genocide” and accuse Israel of human rights abuses.

He also called for a return to the pre-1948 structure, where Palestinians, Jews, and Christians lived together, suggesting a single, inclusive state that allows peaceful coexistence.

“When I hear people talking about Two-State Solutions, I know they are just deceiving themselves,” Gumi added, advocating for a unified region where people of all faiths can live together, similar to the multi-faith coexistence seen in countries like the United States.

 

Israel-Palestinian conflict: Two-state solution is a deception, says Gumi

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Court sacks Ondo LP candidate, two days to governorship poll

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Olusola Ebiseni

Court sacks Ondo LP candidate, two days to governorship poll

The Labour Party candidature of Olusola Ebiseni for the upcoming gubernatorial election in Ondo State has been nullified.

The nullification follows the sacking of Ebiseni by the Court of Appeal, sitting in Abuja, on Wednesday.

The governorship election of the southwest State will hold on Saturday, 16 November 2024.

The judgement disqualifying Ebiseni was unanimously delivered by the three members of the panel and read out by the chairman of the panel, Justice Adebukola Banjoko.

The judgment granted the prayer of the Labour Party who preferred the case against Ebiseni.

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Justice Banjoko held that, “the appeal marked CA/ABJ/CV/1172/2024 brought by the Labour Party against Chief Olusola Ebiseni and two others is allowed.”

Justice Banjoko further stated that the Certified True Copy of the judgment would be provided to the parties involved in the appeal as soon as possible for their review.

Recall that Justice Emeka Nwite of the Federal High Court in Abuja had ordered the Independent National Electoral Commission to accept and recognize Olusola Ebiseni and Ezekiel Awude as the Labour Party’s governorship and deputy governorship candidates for the November 16 Ondo State governorship elections.

Justice Nwite confirmed that the second primary election conducted by the Labour Party, which resulted in Ebiseni and Awude being selected as candidates, was valid and should be upheld by INEC.

However, the appellate court has now overturned the judgment of the trial court’s judgment.

 

Court sacks Ondo LP candidate, two days to governorship poll

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