The company has officially announced that it has no intentions to increase fuel pump prices at its extensive network of retail stations.
This proclamation was made via the company’s official Twitter account, during the late hours of Monday night, effectively putting to rest any uncertainties surrounding the matter.
The NNPCL emphasized its appreciation for the continued patronage of its valued customers and emphasized that the company’s priority remains centered on providing high-quality products at the most competitive prices possible.
The statement issued by the NNPCL on its social media platform reads as follows:
- “Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated.
- Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide.”
By clarifying its stance on fuel prices, the NNPCL aims to instill confidence among consumers and provide them with the assurance that they can continue to rely on the company’s retail stations for accessible and cost-effective fuel options.
As the country navigates through economic dynamics, the NNPCL’s commitment to stable pricing serves as a testament to its dedication to serving the needs of the Nigerian populace.
In a market where fluctuating fuel prices can significantly impact household budgets and overall economic stability, the NNPCL’s announcement stands as a welcome reassurance for citizens and businesses alike.
As the nation progresses, maintaining price stability not only contributes to financial predictability for consumers but also aligns with the broader goal of promoting sustainable economic growth and development.
Dangote Refinery to start production by October and November 2023
The Dangote Refinery is gearing up to commence refining operations, with plans to produce diesel and jet fuel by October 2023 and petrol by November 30, 2023, according to the Executive Director of the Dangote Group, Devakumar Edwin.
According to reports, Edwin in an interview with newsmen disclosed that the refinery is on track to receive its first crude cargo within two weeks.
Initially, the facility is set to produce up to 370,000 barrels per day of diesel and jet fuel in October 2023.
Furthermore, Edwin outlined the refinery’s strategy for gradually increasing petrol production, to reach an impressive 650,000 barrels per day by November 30.
He expressed the refinery’s readiness to receive crude oil:
- “Right now, I’m ready to receive crude. We are just waiting for the first vessel. And so, as soon as it comes in, we can start.”
Regarding the shift in the original timeline, Edwin explained that the Nigerian National Petroleum Corporation Limited (NNPCL) had already committed their crude oil to another entity on a forward basis, causing a temporary delay.
He assured that this setback is momentary, and the refinery will exclusively use Nigerian crude oil from November 2023 onwards.
Edwin highlighted that the Nigerian oil will be purchased in US dollars, not in naira, as the refinery operates within a free trade zone on the outskirts of Lagos. However, due to its equity stake, the NNPCL will supply some crude at discounted prices.
The Dangote refinery is equipped to process various crudes, including most African grades, Middle Eastern Arab Light, and even US light-tight oil.
- “We can take even some of the Russian grades… if the global system opens up to allow us to receive them. If you look at our production profile, 50% of my production will meet 100% of the requirements of the country.”
Excess gasoline, meeting 10 ppm sulfur Euro 5 quality, will be exported to other African markets, the US, and South America, albeit in relatively small volumes.
Jet fuel will be exported to Europe, while diesel will be sold in sub-Saharan Africa.
Edwin emphasized that the refinery would benefit Nigeria significantly, providing a reliable supply of environmentally friendly refined products and generating substantial foreign exchange for the country.
Furthermore, he noted that the Dangote refinery will play a pivotal role in addressing fuel supply challenges faced by import-dependent West Africa, particularly following Nigeria’s removal of fuel subsidies, which had resulted in a thriving illicit gasoline market due to price fluctuations.
Edwin added that the revenues generated from the refinery’s operations will be reinvested in further developments, underscoring Aliko Dangote’s commitment to Nigeria.
- “The money will be coming back in, and it will go for further investments,” he affirmed, highlighting Dangote’s dedication to the nation.
G20: Tony Elumelu Co-Chairs Business Council in India with President Tinubu
Tony Elumelu, Chairman of Heirs Holdings and CFR, will co-chair the G20 Business Council in India, joining President Bola Ahmed Tinubu for the Nigeria-India Presidential roundtable during the G20 summit in New Delhi.
This collaborative event, organized by the Nigerian High Commission in India, CII, and NIBC, highlights President Tinubu’s address.
The G20 Business Council, also known as the Business 20 (B20), serves as the official G20 dialogue forum with the global business community.
Established in 2010, the B20 is one of the most prominent Engagement Groups within the G20 framework, bringing together companies and business organizations to provide their perspectives on global economic and trade governance.
It speaks with a unified voice on behalf of the entire G20 business community.
One of the key objectives of the B20 is to promote economic integration in Africa. As stated on the B20 India website, the B20 aims to “offer extensive support to make this process a success and work towards African economic development.”
This agenda is expected to benefit not only nations within Africa but also have broader implications for global economic growth and cooperation.
The G20, comprised of the world’s largest and most advanced economies, is the foremost platform for international economic cooperation. Nigeria’s President, President Tinubu, was extended a special invitation by India, the current G20 host, earlier in the year, underscoring the nation’s role in shaping global economic discourse and collaboration.
Tinubu appoints Khalil Halilu as EVC/CEO of NASENI
President Tinubu has appointed Khalil Suleiman Halilu to be the Executive Vice Chairman and Chief Executive Officer of the National Agency for Science and Engineering Infrastructure (NASENI).
Mr. Halilu’s appointment as Executive Vice Chairman and Chief Executive Officer was confirmed by the Presidency on Friday, 1 September, according to the statement released by Ajuri Ngelale, the Special Adviser to President Tinubu on Media and Publicity.
As EVC/CEO of NASENI, Mr Halilu is expected to bring his significant experience as an innovator and technology expert to bear in this important new national assignment.
The newly appointed Executive Vice Chairman and CEO of NASENI who is 32 years old will serve an initial term of five years as specified by relevant sections of the NASENI Act, 2014, the statement revealed.
Mr. Halilu’s appointment hereby terminates the tenure of Dr. Bashir Gwandu as EVC/CEO of the National Agency for Science and Engineering Infrastructure (NASENI).
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