Uncategorized
University Don convenes 2021 APAS International Conference
|
ReplyForward
|
Headlines
Dangote refinery explains hike in ex- factory price of PMS amidst global market volatility
– laments Nigeria’s crude expensive than brent benchmark price
Funso OLOJO, Editor
The on-going crisis in the Middle East occasioned by the United States of America (USA) and Israel attacks on Iran, has disrupted crude oil supply chain in the international market, thereby pushing up the price of the product.
In a statement by Dangote Petroleum Refinery & Petrochemicals, the conflict in the Middle East has led to the shutdown of some refineries and cut in refinery production across the world.
This, according to the company, is leading to a global scarcity of petroleum products.
China has banned export of gasoline and diesel but Dangote Refinery pledged that it will ensure that Nigeria is insulated from these supply shocks by prioritising supply to the domestic market.
“This is one of the many benefits of domestic refining” the company asserted.
The conflict has driven global crude and freight prices sharply higher, with benchmark Brent prices rising by about 26% within a short period to above $84.0 per barrel.
The petrochemical company explained that this reality makes it to readjust its ex- factory price of PMS by implementing “a measured adjustment of N100 per litre in its ex-depot price of Premium Motor Spirit, representing an increase of about 12 percent.”
Accordingly, the refinery claimed it has absorbed 20 per cent of the cost escalation, for now, to cushion the domestic market.
This is despite continuing to source crude at prevailing international market prices, whether purchased locally or from foreign suppliers.
The company lamented that Nigerian crude oil is more expensive than the Brent benchmark price by $3 to $6 per barrel.
“After adding freight of $3.50 per barrel, crude oil will be landing in our tanks between $88 and $91 per barrel.
” For context, crude oil was landing our tanks at about $68 per barrel when our ex-depot price was N774/litre.
“Furthermore, while we receive about five cargoes a month from NNPC which we pay for in Naira, these cargoes are priced at international market prices + Premium and fall short of the 13 cargoes which we require to support sales into Nigeria.
” We therefore, end up procuring foreign exchange at open market rates to pay for crude cargoes purchased from local and international traders.
” The high crude cost is compounded by the fact that Nigeria upstream producers have failed to supply crude oil to the refinery as required under the PIA, forcing us to source a substantial portion through international traders who charge an additional premium.
“As a private enterprise operating in a deregulated environment, Dangote Petroleum Refinery has remained responsive and has made significant sacrifices by aligning pricing with market realities to ensure sustainability, particularly as it sources all its crude at prevailing international market prices, whether locally or from foreign suppliers.
” Selling below cost would undermine its ability to procure crude, sustain production and guarantee uninterrupted supply to Nigerians.
“Despite these pressures, local refining at this scale continues to reduce exposure to international supply disruptions, moderate foreign exchange demand and protect the country from severe shortages during periods of global instability.
“The refinery is also accelerating deployment of Compressed Natural Gas-powered trucks to cushion the impact of global shocks, enhance nationwide distribution efficiency, reduce logistics costs and improve delivery timelines across the downstream sector.
” The rollout is scheduled to commence this month.
“We remain committed to transparency, operational excellence and the long-term objective of securing sustainable energy security and stability for Nigeria at an affordable cost” the refinery assured.
reassures Nigerians of its unwavering commitment to serving as a stabilising force amid recent shocks in the international oil market.
Headlines
Lagos retirees kick over delay in pension increase, mull protest action
Headlines
FIFA sends Nigeria’s Super Eagles to 2026 World Cup, awards boardroom scoreline of 3 goals to nil against DR Congo
The ruling was handed down by the FIFA Disciplinary Committee following a formal protest lodged by the Nigeria Football Federation (NFF) against the Congolese Association Football Federation (FECOFA).At the heart of the matter was the Best Losers Playoff match in the African qualifiers for the 2026 FIFA World Cup.
DR Congo had originally secured a 2–1 victory over Nigeria, seemingly clinching the final qualification slot.
However, Nigeria challenged the outcome, alleging that a DR Congo player — identified in proceedings as Player X — was ineligible to feature in the decisive encounter due to an incomplete nationality switch process.
After reviewing official match documentation, player registration records, and correspondence between FECOFA and FIFA’s Players’ Status Department, the Disciplinary Committee established that the player had previously represented another national association at youth level.
Under FIFA regulations governing player eligibility, any footballer seeking to change national association must formally apply for the switch, receive written approval from FIFA, and obtain official confirmation before participating in any senior “A” international match.
The Committee found that although Player X had initiated the process, formal approval had not been granted before the playoff fixture.
Crucially, no provisional clearance had been issued to permit temporary participation.
Citing Article 9 of the Regulations Governing the Application of the FIFA Statutes and Article 21 of the FIFA Disciplinary Code, the Committee ruled that DR Congo fielded an ineligible player in an official competitive match.
In line with the regulations, the match has been declared forfeited.
Consequently, Nigeria has been proclaimed winner of the Best Losers Playoff Round and awarded qualification to represent Africa at the 2026 FIFA World Cup.The decision marks a major boost for Nigerian football and underscores FIFA’s strict stance on eligibility compliance, particularly in high-stakes fixtures that determine World Cup participation.
While DR Congo has been disqualified from the playoff pathway, the federation retains the right to appeal the ruling before the FIFA Appeals Committee.
In its closing observations, the Committee stressed that strict adherence to nationality switch procedures is vital to maintaining fairness and integrity in international football, warning that administrative processes still in progress do not justify participation without formal approval.
-
Headlines3 weeks agoFIFA sends Nigeria’s Super Eagles to 2026 World Cup, awards boardroom scoreline of 3 goals to nil against DR Congo
-
Headlines2 months agoAyobo residents protest deplorable road at LCDA, complain of 10- year neglect by successive local council administrations.
-
Headlines3 months agoFG approves 50 percent price slash on Yuletide train services
-
Customs2 months agoApapa Customs stretches illicit drug seizures streak with another new year interdiction of 30.1 kg of cocaine on board vessel.
-
Headlines3 months agoFG trains 75 boat operators on safe inland waterway navigation
-
Customs2 months agoTinubu pays glowing tribute to Adeniyi, CGC, at 60
