Economy

NNPC allays fears of fuel scarcity, admits hitches in depots

The Nigerian National Petroleum Corporation has admitted that there are pricing issues at some petrol depots in the country but ruled out any hike in the pump price of the product.

It was reported on Tuesday that fuel queues resurfaced on Monday in the Federal Capital Territory and some parts of Nasarawa and Niger states.

Retailers had claimed that the ex-depot price of the product had been increased by private tank farm owners from the recommended N148-N149.5/litre to between N153 and N155/litre.

The Group Managing Director, NNPC, Mele Kyari, while delivering a presentation at a conference organised by Energy correspondents in Lagos on Tuesday, said the corporation had an adequate stock of Premium Motor Spirit (petrol).

He said, “As we speak now, there is speculation of fuel scarcity within the media, but we have over 1.7 billion litres of Premium Motor Spirit in the country. We have another 2.3 billion litres coming in; so there is no shortage in supply as being speculated.

“Of course, there are issues about pricing at some depots but the government has no plan to revise the pricing structure.”

According to Kyari, NNPC’s objective is to provide energy security for Nigeria and ensure the availability of petroleum products in the country.

Speaking on ‘Petroleum Industry Act: Energy transition and the future of Nigeria’s oil and gas,’ he explained why Nigeria was demanding energy justice at the ongoing United Nations Climate Change Conference (COP26) in Glasgow, Scotland amid the global push for the energy transition.

Kyari noted that the COP26 again highlighted the challenges faced by Nigeria and other African countries in the global energy transition.

He noted that President Muhammadu Buhari in his speech before the world leaders had demanded energy justice for Africa and highlighted the need to exploit the available resources as a pathway to attain the net-zero carbon objective by 2050.

According to Kyari, although Africa accounts for only about three per cent of the global carbon emission, the continent still has the responsibility to join the world in combating climate change.

He said Nigeria had identified its abundant gas resources as its fuel for energy transition, citing the declaration of the year 2021 to 2030 as the ‘Decade of Gas’ by the government.

The NNPC boss said, “We are making good progress in terms of the implementation of the PIA which is clearly creating the path for transition.

“There is no way we can achieve this feat without adequate infrastructure to transport the resources to where it will be used, and that is why we are investing in massive gas infrastructure.”

He said gas projects such as the Obiafu-Obrikon-Oben and the Ajaokuta-Kaduna-Kano pipelines would deepen gas utilisation in the country.

Economy

Dangote group remits N402.3 billion tax to government coffers in 2024

Gloria Odion

The Pan African Conglomerate, Dangote Industries Limited and its subsidiaries, have disclosed that it paid over N402 billion in taxes in 2024, making it the highest taxpayer in the country.

Dangote’s Chief Branding and Communication Officer, Anthony Chiejina, declared during a meeting with some senior media executives who visited him in his Lagos Office.

He said Dangote Industries Limited (DIL) and its subsidiaries, namely, Dangote Cement, NASCON, Dangote Packaging Limited among others, remitted a total of N402.319billion for the out-gone year as taxes as responsible business enterprises.

Recall that Federal Inland Revenue Service (FIRS) had in late 2024 recognised Dangote group and its subsidiary, Bluestar Shipping as the most tax compliant organizations in the country during its Special Day at the 2024 Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI).

The Federal Inland Revenue Service is Nigeria’s agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria.

Chiejina told his visitors that as a responsible business organisation, DIL and its subsidiaries have never shieded away from its obligations either to the government in the form of tax payment at all levels or to host communities in the form of Corporate Social Responsibility (CSR).

According to him, the Group’s corporate strategy has evolved just as its businesses have grown, matured and diversified into new sectors and regions over the last four decades.

He noted that Dangote Group has almost single-handedly taken Nigeria to self-sufficiency in cement and refined petroleum products and is expanding rapidly across Africa.

Dangote Group and its subsidiaries were recognised as number one most compliant in tax payment in the country, just as its subsidiary Dangote Cement, the country’s leading cement manufacturer, at another occasion won three awards at the FMDQ Gold Awards in Lagos as the most active business in the Foreign Exchange market.

Dangote Cement Plc was adjudged as the Largest Commercial Paper Quotation on FMDQ and Single Largest Corporate Debt Issue on FMDQ.

Also, Dangote Industries Ltd also emerged as the “Most active corporate in the foreign exchange market”.

Economy

Again, Dangote Refinery crashes petrol price from N890 to 825.

Funso OLOJO

The Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N65.00, from N890 to N825 per litre, effective from 27th February 2025.

According to the management of the Refinery, the price adjustment is is strategic designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season.

It is also meant to support President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.

Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians.

The latest adjustment marks the second price reduction of PMS in February 2025, following a previous decrease of N60.00 earlier in the month.

Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season.

“These reductions have positively impacted the overall cost of living, benefiting various sectors of the economy, and have also ensured that Nigerians did not experience the perennial fuel scarcity and price hikes typically associated with the yuletide season” the local refiner stated.

“Nigerians will be able to purchase the high-quality Dangote petrol at the following prices in all our partners’ retail outlets.

” For MRS Holdings stations, it will sell for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East respectively.

“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East.

“Dangote Petroleum Refinery assures the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.

” The company calls on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.

“This collective action will contribute to the broader economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and establishing the country as a leading oil export hub” the company concluded.

Economy

Dangote Refinery reduces ex- depot price of petrol from N950 to N890

Funso OLOJO

The Dangote Petroleum Refinery has an announced a marginal reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.

According to the official statement from the company, the strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices.

“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.

“In addition, Dangote Petroleum Refinery calls upon marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.

” This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub” the statement concluded.