News
Marketers fear high Dangote petrol price as landing cost rises to N1,120/litre
Oil marketers are concerned about the delay in announcing the price of Premium Motor Spirit, popularly called petrol, being produced by the Dangote Petroleum Refinery, as they noted that the landing cost of imported PMS is now about N1,120/litre.
Dealers stated that a high PMS price from the Dangote refinery would lead to the importation of the commodity by marketers since the government has opened up the market for competition.
In July this year, the Major Energies Marketers Association of Nigeria revealed that the landing cost of PMS was N1,117/litre. The landing cost is simply the price at which the commodity lands on Nigeria’s shores.
While the pump prices of petrol ranged between N600 and N700/litre in July, the cost was raised last week to between N855 and N897/litre by the Nigerian National Petroleum Company Limited, while some independent dealers hiked their prices to above N1,000/litre.
It was also gathered on Monday that the delay in the release of the price of Dangote petrol had further made oil marketers deepen discussions with their foreign partners in a bid to start petrol imports.
The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, stated that IPMAN was speaking with its partners abroad while awaiting Dangote petrol price, but noted that a high cost from Dangote would lead to massive PMS importation.
“On the landing cost of petrol, we are waiting for our foreign partners to calculate how much it will cost to bring the product to Nigeria. This is so that independent marketers will also see how to import the commodity. So we are waiting to get the data from them.
“I’ll tell you the actual landing cost once we get the data from our foreign partners. So if the landing cost is cheaper than what the Dangote refinery will sell, then we will see how to bring in the product.
“You know, it is now an open market, so anywhere we see a cheaper rate with good quality, we will buy from there. We don’t know the price of Dangote PMS. We are waiting for the refinery to release the price. However, we are discussing it with our foreign partners,” he said.
Maigandi explained that allowing multiple importers of the PMS would ensure availability and competition.
“One advantage of allowing everyone to bring in the product is that there will be guaranteed availability of products.
“There is also going to be competition. Once this happens, everybody will try to see how they can sell their products and buy another one. It is only when you sell what you have that you can generate profit,” he stated.
Dangote petrol price
An official of the Dangote Group said the President of the group, Alhaji Aliko Dangote, will do everything possible to beat down the price of petrol.
The official who preferred not to be mentioned because he was not authorised to speak on the matter, said Dangote would sell PMS in Nigeria whether or not the Nigerian National Petroleum Company Limited agrees to be its off-taker or not.
According to the source, Aliko Dangote is a nationalistic man who loves the country, and he is ready to make sacrifices for the sake of the masses.
He recalled how the refinery brought down the price of diesel from about N1,600 to N950 before it started hovering around N1,100 and N1,200 due to foreign exchange fluctuations.
“When we started diesel, the product was around N1,700. We crashed the price to N1,200 and later, N950, before it now hovers around N1,100 and N1,200. Those who were milking the nation with dirty diesel saw it and they reduced their cost too. We will do it again,” the source stated.
Asked if Dangote can sell his PMS locally in the face of the seeming refusal of the NNPC to work with the refinery, the source replied, “Why not? We are going to sell locally; Alhaji Aliko Dangote is a nationalistic Nigerian; he loves this nation, and he is ready to make sacrifices.
‘We will bend for the country. We have high-quality PMS for the country. Some people who are importing fuel and some owners of refineries and blending plants in foreign countries don’t want this to happen. Their $117bn shipping business to West Africa is at stake.”
When the official was asked to disclose when the PMS will be out, he said, “Don’t worry, we are on course. We are ‘talk and do’. When we talk, we make it happen.”
The official, however, mentioned that the Dangote Group is still waiting to hear from the NNPC, but will take its decision if the state-owned company refuses to work with it.
The PUNCH reports that the NNPC and the Dangote refinery have yet to agree on the modalities for the sale of the latter’s PMS.
The NNPC, in a statement by its spokesman, Olufemi Soneye, said on Saturday that it would not buy Dangote PMS unless it is cheaper than that of the international market.
This is contrary to claims by Aliko Dangote that the refinery was waiting for the NNPC to roll out its product.
The NNPC also declared that Dangote and any other domestic refineries are free to sell directly to any marketer on a willing buyer, willing seller basis, saying it has no desire or intention to become the distributor for any entity in a free market environment.
“The recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market. In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market.
Soneye stated that the Dangote refinery could lower its price if it felt the new prices were too high.
“We emphasise that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd will only fully off-take PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria,” the NNPC said.
OSOGBO — The All Progressives Congress (APC) has rejected the outcome of the August 15, 2026, Osun State governorship election as declared by the Independent National Electoral Commission (INEC), insisting that it is not convinced that Governor Ademola Adeleke secured the highest number of valid votes.
INEC on Sunday declared Adeleke the winner after the Returning Officer, Prof. Joshua Olalekan Ogunwale, announced the final results at the commission’s headquarters in Osogbo.
Adeleke, who contested on the platform of the Accord Party, polled 511,067 votes to defeat the APC candidate, Asiwaju Bola Oyebamiji, who scored 444,815 votes. The African Democratic Congress (ADC) candidate, Dr Najeem Salaam, came third with 17,180 votes.
However, the APC said it would not accept the declaration without conducting a comprehensive review of the electoral process.
Speaking on Arise TV’s Prime Time programme on Monday, the Director-General of the APC campaign for the Osun governorship election, Hon. Oluwole Oke, said the party had commenced an audit of the results and electoral materials from the poll.
Oke said the party had directed its agents across the state to submit relevant result sheets for scrutiny as it investigates alleged infractions.
“We need to do the needful which is to evaluate the process, review the process and then form an opinion. We’ve embarked on an audit process; we’ve asked all our party agents to submit copies of Form EC8A, B, C to our secretariat for review. We need to inspect all the materials because we do not agree with the declaration of INEC, and that’s our position for now,” he said.
The APC campaign chief also dismissed suggestions that the party was under pressure to immediately accept the outcome following President Bola Ahmed Tinubu’s congratulatory message to Adeleke.
Tinubu had congratulated Adeleke after the declaration, describing the outcome as a reflection of the will of the people.
Reacting to the President’s position, Oke said Tinubu spoke in his capacity as President and a democrat following INEC’s declaration.
“Mr. President spoke as the Father of the nation and a democrat following the declaration by INEC,” he said.
Oke, however, maintained that the APC would rely on its own assessment of the election after completing its review.
“We’re on ground and politics is local and, like I’ve told you, what we’re doing is to conduct a thorough review of the entire process and form an opinion,” he said.
He added that the party would not be rushed into congratulating Adeleke, insisting that its preliminary position was that the governor did not secure the highest number of valid votes.
“We won’t be under any subtle pressure to easily reach out to congratulate Senator Ademola Adeleke because we believe he didn’t score the highest valid votes,” Oke said.
The APC is expected to determine its next course of action after completing its audit and reviewing the electoral materials and results submitted by its agents.
ABAKALIKI — The 2027 governorship race in Ebonyi State is gathering momentum, with the Peoples Democratic Party (PDP) candidate, Chief Ifeanyi Odii, unveiling a package of reforms aimed at improving the welfare of workers, teachers and retirees.
Odii made the commitments during a meeting with representatives of Ebonyi civil servants and members of the Nigeria Union of Teachers (NUT) at his Lagos residence, where he outlined his plans for a comprehensive reform of the state’s public service.
A major component of his agenda is a workers’ housing scheme designed to provide 1,000 housing units within his first year in office and up to 5,000 units over four years if elected governor.
Odii said the housing programme would be structured to minimise dependence on direct government funding, with workers’ contributions and existing pension assets forming part of the financing framework.
He said the initiative would address the housing difficulties faced by workers and retirees, particularly retirees who often struggle to sustain rented accommodation after leaving government service.
The PDP candidate also proposed a paperless digital loan platform that would allow workers to access loans against their contributory pension savings without the bureaucratic delays associated with the existing system.
On retirement benefits, Odii pledged that workers would have access to their entitlements immediately upon retirement, arguing that retirees should not endure prolonged delays in receiving benefits accrued during their years of service.
He further promised to reform the promotion process through computer-based promotion examinations capable of producing results instantly.
According to him, the digital system would reduce delays, curb opportunities for manipulation and promote greater transparency and fairness in the career progression of civil servants.
Odii said the proposed reforms were aimed at creating a public service where workers would have improved access to housing, credit facilities and timely retirement benefits, while ensuring a more transparent promotion system.
He presented the proposals as part of his broader agenda to improve workers’ welfare and reposition the Ebonyi State civil service for greater efficiency if elected governor in 2027.
The MainPower Electricity Distribution Limited (MEDL) has confirmed the death of one of its operations staff in an electrical accident.
The Head of Communications, MEDL, Mr Emeka Ezeh, who confirmed the incident in Enugu on Monday, said that the incident occured on Aug. 13 at Eke in Udi Local Government Area of Enugu State.
Ezeh said that the incident, which occurred at about 1p.m., involved Mr. Samson Okechi, the Team Lead, Abor, attached to the company’s 9th Mile District.
He said, “Okechi was carrying out maintenance work on a 50kVA/11kV pole-mounted distribution substation at Eke when he sustained an electric shock.
“Okechi was immediately evacuated to Our Saviour Hospital, Ngwo, for medical attention but was pronounced dead by the doctor on duty. His remains were subsequently deposited at a mortuary.”
He said that the incident was formally reported at the Ngwo Police Station for documentation and other necessary statutory actions.
Ezeh also debunked claims circulating on some social media platforms that Okechi was murdered or that the incident was the result of sabotage.
“I wonder why some people take pleasure in conjuring unfounded narratives and circulating them, thereby creating unnecessary tension and bad blood. This is so unfair,” he said.
He urged members of the public to disregard the claims, describing them as baseless.
According to him, Okechi had requested a Station Guarantee (SG) for the Okwe 11kV Feeder, which was granted at about 11:06 a.m. at the 9th Mile Injection Substation. The feeder was subsequently opened and tagged.
“This is a very unfortunate development and a big shock to all of us, his colleagues. Our hearts go out to his immediate family as they grieve,” Ezeh said.
The MEDL spokesman disclosed that MainPower management had commenced a comprehensive investigation to establish the immediate, underlying and root causes of the accident.
He said, “We are committed to ensuring that the investigation is thorough and evidence-based.
“The findings will be used to identify any gaps, determine appropriate corrective measures, and strengthen safety procedures and operational controls where necessary.”
Ezeh MEDL assured its customers and stakeholders that safety remained a paramount priority in its operations, adding that appropriate measures would be taken based on the outcome of the investigation.
Idiaye, a third-term lawmaker, takes over from Blessing Agbebaku, who resigned as Speaker on Monday amid moves by lawmakers to impeach him.
The emergence of Idiaye was said to have been influenced by the gentleman’s zoning arrangement in the Assembly, which provides that when the governor is from the Edo Central Senatorial District, the Speaker should come from Edo North.
Idiaye, being the oldest member from the Edo North Senatorial District, was subsequently elected Speaker.
Without the zoning arrangement, the Deputy Speaker would have automatically succeeded Agbebaku, according to the new Speaker.
Members of the Assembly were at the Government House to inform Governor Monday Okpebholo of the change in leadership.
Agbebaku was said to have resigned early on Monday following alleged moves by lawmakers to impeach him.
Reports gathered that 17 of the 24 lawmakers had signed a notice of impeachment on Sunday night, a development that may have prompted his resignation.
Agbebaku’s resignation was confirmed by Ebojele, who said details of the development would be made public later.
She said, “I can confirm the Speaker’s resignation but details will be made public later.”
The Speaker of the Edo State House of Assembly, Blessing Agbebaku, has resigned from his position.
Agbebaku stepped down on Monday amid moves by some lawmakers to impeach him.
His resignation was confirmed on Facebook by his media aide, Ivy Adodo-Ebojele, who said further details on the circumstances surrounding his exit would be made public later.
“EDO ASSEMBLY SPEAKER RT HON CHIEF BLESSING AGBEBAKU RESIGNS,” she wrote.
The development has thrown the Edo State House of Assembly into a fresh leadership crisis, with lawmakers expected to determine a new Speaker.
Details shortly…
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