Business

Dangote Refinery finally rolls out petrol

Published

1 month ago

September 3, 2024

Ekwutos Blog

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The Dangote Refinery in Lagos has begun producing Premium Motor Spirit (PMS), commonly known as petrol.

The facility, with a capacity of 650,000 barrels per day, is now providing high-quality fuel to the Nigerian market.

Aliko Dangote, the refinery’s owner, revealed this during a press conference on Tuesday.

While declaring the day as a celebration day for Nigerians, the businessman stated that the petrol produced meets global standards and will contribute to longer-lasting vehicle engines.

“We are now going to have good petrol while the engines of your vehicles will last longer. You will not be having an engine issue, which a lot of us were having. It won’t happen at all.

“The quality here will match that of anywhere in the world; US, America, we will make sure that nobody will beat us in terms of quality,” Dangote said.

He also revealed that as soon as his company finalises modalities with the Nigerian National Petroleum Company Limited (NNPCL), the product will hit the market.

“As soon as we finalise with the NNPCL, our product will start going into the market.

“We will help to restore industry and manufacturing. We will begin real import substitution, which is what we have, you know, saving foreign exchange, earning foreign exchange, which will stabilise the naira, and it will also help bring down inflation and cost of living,” he stated.

Business

NNPC increases fuel pump price

Published

3 mins ago

October 9, 2024

Ekwutos Blog

NNPC

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The Nigerian National Petroleum Company Limited (NNPC Ltd) has increased the pump price of petrol to N1,030 per litre at various outlets in Abuja.

Ekwutosblog reports that this development comes after the NNPC decided to terminate its exclusive purchase agreement with Dangote Refinery.

Reports revealed that the Nigerian National Petroleum Company Limited (NNPC Ltd) is ending its exclusive purchase agreement with Dangote Refinery, opening up the market for other marketers to buy petrol directly from the refinery.

This development aligns with the current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis.

On Wednesday morning that NNPC Ltd outlets in the Central area of Abuja, the Federal Capital Territory, adjusted the pump price of petroleum to N1,030.

The NNPC had claimed in September that it was buying petrol from Dangote Refinery at N898.78 per litre and selling to marketers at N765.99 per litre, shouldering a subsidy of almost N133 per litre.

However, the company said this arrangement is no longer sustainable.

The NNPC lifted about 103 million litres of petrol from Dangote Refinery between September 15 and 30. The refinery was able to load 2,207 of the 3,621 trucks sent to it within the period under review.

The vehicles carried just 102,973,025 litres of the planned 400,000,000 litres of petrol earmarked to be lifted from the refinery at 25 million litres per day.

More details later…

Business

BREAKING NEWS: Apapa Port Command of the Nigeria Customs Service has announced a revenue collection of N1.6 trillion from January to September 2024.

Published

22 hours ago

October 8, 2024

Ekwutos Blog

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The Apapa Port Command of the Nigeria Customs Service has announced a remarkable revenue collection of N1.6 trillion from January to September 2024. This achievement showcases the Command’s commitment to excellence and its significant contribution to the country’s economy.

Ekwutosblog reports, according to Comptroller Babatunde Olomu, the Customs Area Controller, the Command collected N1.227 trillion between January and July 2024, with July being its highest monthly collection of N201.8 billion.

This revenue surpasses the total revenue collected in 2023.

The Command’s success can be attributed to its effective implementation of the Comptroller General of Customs’ thrust of time release study to facilitate trade without delay.

Additionally, the interventions from the Tariff and Trade Department have contributed immensely to the successes achieved.

This impressive revenue collection is a testament to the Apapa Command’s dedication to promoting legitimate trade and preventing revenue leakage.

The Command remains committed to doing more in line with the directives of the Comptroller General of Customs.