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Thu. Oct 10th, 2024
Trending News: 2024 RIVERS BUDGET A NULLITY – APPEAL COURTFUBARA LOSES AS APPEAL COURT AFFIRMS PRO-WIKE LAWMAKER AS AUTHENTIC SPEAKER OF RIVERS ASSEMBLYI SACRIFICED MY POLITICAL CAREER IN FINLAND FOR BIAFRA’S INDEPENDENCE – SIMON EKPANNAMDI KANU’S WIFE BEGS UK GOVT TO INTERVENE IN IPOB LEADER’S CASEFUEL PRICE HIKE: TINUBU LISTENED TO DANGOTE – IPMAN CHAIRROYAL FATHERS TO FG: WE WANT DIRECT PAYMENT OF OUR 5% ALLOCATION13 EX-BOKO HARAM FIGHTERS ESCAPE WITH GOVT RIFLES, MOTORCYCLESHOUSE OF REPS BEGINS MOVE TO PROBE BUHARI GOVTRIVERS, CAPITAL OF BETRAYALS, MOST POLITICIANS PASSED THROUGH ME – AMAECHINIGERIAN LAMENT FRESH FUEL INCREASEHOW NIGERIANS HAVE ENDURED PETROL PRICE HIKE FOR 18 MONTHS – FROM N198 TO N1,030/LITREWHY NNPC INCREASED FUEL PUMP PRICE – MARKETERSREVERSE PETROL PUMP PRICE IMMEDIATELY – NLC TELLS FEDERAL GOVTAGAIN, NNPC INCREASES FUEL PUMP PRICE TO N1,030/LITRESEEK PERMISSION BEFORE USING THE NATIONAL ANTHEM – FGCONFUSION IN SENATE OVER LOCAL GOVT AUTONOMYNIGERIAN ARMY 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I’VE NO PROBLEM DEPUTIZING PETER OBI, WE’RE READY FOR TALKS – KWANKWASOFCT THREATENS TO REVOKE PLOTS OWNED BY BUHARI’S CHILDREN, OTHERSGOVERNOR MBAH’S CRUSADE SWEEPS THROUGH ENUGU MORIBUND ASSETS BY UCHE ANICHUKWUPRESIDENT TINUBU SET TO REVEAL LIST OF SACKED, NEW MINISTERSJONATHAN CAUTIONS JUDICIARY, POLICE OVER ROLES IN RIVERS CRISISAPP SWEEPS LG ELECTION IN RIVERSGOVERNOR APPOINTS DAUGHTER ACTING FIRST LADYHEAVY GUNFIRE AT WIKE’S WARD AS RIVERS LG ELECTION TURNS VIOLENTCONFUSION IN PDP OVER RIVERS LG ELECTIONEXPLOSION ROCKS RIVERS APC SECRETARIAT HOURS TO LG ELECTIONLOCAL GOVT ELECTION GOES ON IN RIVERS STATE63 ITEMS EXEMPTED FROM VAT UNDER NEW REFORMSRUSSIA WARNS NIGERIA ABOUT US UK INTERFACERELIGION HAS BLINDED, FINISHED NIGERIANS – VERYDARKMANTINUBU IS IDEOLOGICALLY SOMERSAULTING, SHOULD LOOK AT THE LETTER HE WROTE JONATHAN – FAROUNBIPDP SUSPENDS NATIONAL VICE CHAIRMAN, ALI ODEFATINUBU MAKES U-TURN, CONFERS GCON ON HOUSE OF REPS SPEAKER, TAJUDEEN ABBASBE DECENT WITH YOUR POLITICAL GOAL – POLICE TELLS FUBARASUSPEND RIVERS LG ELECTION – ELDERS TELL FUBARAWE’RE BOYCOTTING RIVERS LG ELECTION – POLICENIGERIA IS NOW SAFE; YOU CAN TRAVEL SAFELY TO ANY PART OF THE COUNTRY – TINUBUI APOLOGIZE FOR SAYING YOU WON’T MAKE HEAVEN UNLESS YOU PAY TITHE – PASTOR ADEBOYEENUGU BACK TO LIFE – VP SHETTIMA EULOGISES GOVERNOR MBAH OVER DEVELOPMENT STRIDESFUBARA DARES IGP – SAYS YOU’LL SHOOT ME TO STOP ITNNPC PORTAL SHUTDOWN, DELAYS PETROL SUPPLY – MARKETERSWHY THE NORTH OPPOSES TOTAL RESTRUCTURING OF NIGERIAHOUSE OF REPS REJECTS CFR HONOUR AWARD ON SPEAKER, DEMANDS GCON, SAYS WE’RE NOT INFERIOR TO SENATORSENUGU COUNCIL BOSS BANS ILLEGAL REVENUE COLLECTIONS, EXTORTION OF MOTORISTSNIGERIANS RECEIVED THE MOST US GREEN CARDS IN AFRICA IN 2023MY SHOP WAS FULL BUT NOW EMPTY UNDER TINUBU’S BAD GOVT – LAGOS WOMAN FUMESINDEPENDENCE ANNIVERSARY SPEECH CONFIRMS TINUBU’S INSENSITIVITY – PDPWHY WE DEPLOYED OUR MEN AT RIVERS STATE ELECTORAL COMMISSION OFFICE – POLICENIGERIA NEEDS INDEPENDENCE FROM STATE CAPTURE – PETER OBIFORMER US PRESIDENT, JIMMY CARTER, CLOCKS 100 YEARS TODAY, SHARES BIRTHDAY WITH NIGERIAI DIDN’T STEAL FROM KADUNA TREASURY, I’M READY TO SWEAR BY QURAN – EL RUFAIIT’S TIME TO COLLAPSE WIKE’S STRUCTURE IN RIVERS – FUBARA
Thu. Oct 10th, 2024

NNPC STRUGGLING TO SUPPLY CRUDE TO DANGOTE BECAUSE BUHARI USED REFINERY AS LOAN COLLATERAL – PENGASSAN

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NNPC STRUGGLING TO SUPPLY CRUDE TO DANGOTE BECAUSE BUHARI USED REFINERY AS LOAN COLLATERAL – PENGASSAN

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has explained the reasons behind the struggles of the Nigerian National Petroleum Company (NNPC) Limited in supplying crude oils to an indigenous refinery owned by Aliko Dangote.

Speaking in a recent Channels TV interview Thursday, PENGASSAN President, Festus Osifo, stated that the NNPC does not have enough crude to supply to the Dangote Refinery due to a loan taken by the previous government of Muhammadu Buhari, with the mineral resource used as a collateral.

He said, “We have very robust insights into what is happening today, into the price war that is going on between the Dangote Refinery as well as the government, represented by NNPC, in this case. And maybe I can share very few of them with us. What clearly happened was that Dangote built his refinery.

“They started discussing crude supply. The first thing is that in the oil and gas industry, it’s a highly regulated industry.”

Osifo explained, “What those companies (IOCs) said is if Dangote Refinery wants them to supply them immediately, it should pay some premium. So the issue of premium was what led to the initial conversation around the Dangote Refinery and the allegation that they were not supplying the refinery crude. This is because most of these companies were asking for premium.

“Coming to the part of NNPC and we should get this clearly. NNPC also has its own crude. Some years ago, the Buhari government, they went to Afrexim. They borrowed money. And this money that they borrowed, some of these crudes were tied to pay back this money. So, literally, what Dangote should have done is that you should have started discussing crude supply, five years ago. You don’t start discussing crude supply six months into production.”

Osifo had also said that the decision not to buy fuel from Dangote refinery directly but rather buy from NNPCL was due to a pricing disparity between the costs at which the NNPCL buys PMS and the prices it sells to independent marketers.

He noted that there were instances that the NNPC might purchase PMS at approximately N950 but end up selling to independent marketers at around N700, which helped to reduce the price at which the NNPCL would have otherwise bought the fuel.

He said major marketers would buy directly from Dangote Refinery at a price similar to NNPCL’s purchase but would need to sell it at a higher price, potentially over N1000.

“Independent marketers prefer to purchase from NNPCL to take advantage of the lower prices,” he said.

    • Dons Eze

    DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

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    HIKE IN FUEL PRICE: TINUBU LISTENED TO DANGOTE – IPMAN CHAIR The National President of the Independent Marketers Association of Nigeria, Abubakar Garima, has revealed that the Nigerian National Petroleum Company Limited is currently asking oil marketers to buy petroleum products from its depot at N1,010 per litre in Lagos State. He stated that the price peg is significantly higher than what the oil company paid to purchase products from the Dangote Refinery. According to him, the company purchased the product from the refinery for between N800 and N900 but is asking marketers to sell it at N1,010 per litre in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri. Garima said this when he appeared on ChannelsTv Sunrise Daily on Thursday. Recall that on Wednesday, the retail stations of NNPC raised the price of petrol to N1,030 from N897/litre in Abuja, and in Lagos, it was hiked to N998/litre from N868/litre. Other locations witnessed similar price hikes, a development that triggered anger among Nigerians. The price hike, the second in one month, represents about 14.8 per cent or N133 rise. With the latest price adjustment, it means that in the less than 17 months of the current administration, the price of petrol has risen by over 430 per cent from May 29, when it took over the reins of power. Although Nigerians had expected cheaper fuel prices following the commencement of the naira for crude sales, the IPMAN chair attributed the recent adjustment in the price of fuel to the impacts of the deregulation of the sector. He said, “Well, we know now that we cannot call it an increase, but rather, we can call the removal of subsidy deregulation. Now, deregulation has started taking place fully. “But our major challenge now is that independent marketers have an outstanding debt from the NNPCL and the company collected products through Dangote at a lower rate which is not up to N900 but they are telling us now to buy this product from them at the price of N1,010 per litre in Lagos, N1,045 in Calabar, N1,050 in Port-Harcourt and N1,040 in Warri.” On why the marketers haven’t approached Dangote to get the product at the same price, Garima explained, “We have a problem with that because we have booked products through the NNPCL, and suddenly, when they decided to increase the price, they are now asking us to add more money to buy above what Dangote is selling to them. “We have informed them to return our money to our banks so that we can go directly to Dangote for our supply. Presently, our money is with them, for about three months. We buy our products from them before loading. NNPC doesn’t sell on credit and when products are available, they call us to pick them up. “But with the recent changes, we have requested that they sell to us at Dangote price or return our money. That’s the current situation and is the reason for the scarcity. We started negotiation yesterday. “Dangote is selling to them around N800 to N900 and we are asking that it should be sold at that same price. We can decide to sell at a lower price of N1,020 or N1,010. “We also refused to buy it because they bought it at a cheaper price from Dangote but want to sell it more expensive than the amount they currently sell at their stations. This is a great challenge because this will mean our price will be higher, and it also means they would have a profit of over N100 per litre.” He added, “Marketers want to be fully engaged in the business of petrol and its components. The NNPCL has been the one bringing…

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    HOW NIGERIANS HAVE ENDURED PETROL PRICE HIKE FOR 18 MONTHS – FROM N198 TO N1,030/LITRE

    HOW NIGERIANS HAVE ENDURED PETROL PRICE HIKE IN 18 MONTHS – FROM N198 TO N1,030/LITRE Before President Bola Ahmed Tinubu took over office on May 29, 2023, fuel was sold at N198 per litre. Outlets of the Nigerian National Petroleum Corporation Ltd (NNPCL) which now have different prices, depending on the location, also sold at the old rate. However, in his inaugural address at Eagle Square, Abuja, Tinubu exclaimed “Subsidy is gone”, resulting in an instant increase in fuel price from N198 to N540 at NNPC outlets. According to the President, fuel subsidy had become a clog in the wheel of progress and needed to give way for the country to survive. Tinubu, who said subsidy was fueling corruption, vowed to pump the money saved from it into others aspects of the economy. “You have paid attention to the subsidy removal. Why should we in good heart and sense, feed smugglers and be Father Christmas to neighbouring countries, even though they say not every day is Christmas? The elephant that was going to bring Nigeria to its knees is the subsidy. A country that cannot pay salaries and we say we have potential to encourage ourselves. I think we did the right thing,” Tinubu had told some monarch who visited him at Aso Rock a month after subsidy removal. On July 18, 2023, the pump price at NNPCL outlets rose from N540 to N617 per litre. This was when Nigerians were still trying to adjust the cost of living crisis occasioned by the increment. The Group Chief Executive Officer of NNPCL, Mele Kyari, had attributed the rise in pump prices to market forces. According to him, the hike reflected the dynamics of a market-regulated pricing model. Addressing journalists after a closed-door meeting with Vice President Kashim Shettima at the State House, Abuja, Kyari said, “They are just prices depending on the market realities. This is the meaning of making sure that the market regulates itself. Prices will go up and sometimes they will come down also.” He debunked notions that the price increase is due to a shortfall in petrol supply. 13 MONTHS’ BREAK Amid protracted fuel queues, NNPCL attributed fuel shortage to supply disruptions caused by outstanding debt obligations to international oil traders. The corporation did not disclose the exact amount owed to oil traders, but reports said the debt was to the tune of $6.8 billion. Before acknowledging being indebted, the oil firm had repeatedly told Nigerians that things were under control. However, the queue worsened and prices were inflated. In a statement on September 1, 2024, Olufemi Soneye, NNPC spokesperson, said the corporation’s ability to sustain fuel supply was under threat. Experts had, however, told Daily Trust that the announcement was part of a game plan from the government, which may lead to 950/1,000 per litre price for petrol. They alleged that government officials had been pushing the narrative for weeks. On September 3, 2024 NNPCL increased hiked pump price from N617 per litre to N897 per litre, an increase of over 45 percent. FUEL PRICE HIKE NECESSARY – TINUBU Addressing members of Nigerians in Diaspora Organization in China (NIDO China) and the Nigerian community at the China World Hotel, Tinubu had described the increment as one of the unprecedented steps aimed at reforming the country. According to him: “Nigeria is going through reforms, and we are taking very bold and unprecedented decisions. For example, you might have been hearing from home in the last few days about fuel prices. But, can we help it? Can we develop good roads like you have here? You see electricity being constant in quantity and quality. You see water supply, constant and running, and you see their good schools. And we say we…

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