Monday, May 12, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Dangote’s meeting with marketers Tuesday may drop fuel price to N700

Simon Osuji by Simon Osuji
October 14, 2024
in Business
0
Dangote’s meeting with marketers Tuesday may drop fuel price to N700
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

In a move IPMAN noted would contribute to the stability and efficiency of Nigeria’s fuel supply chain, the group alongside the Dangote refinery is set to finalize agreements on the cost of lifting petrol from the refinery.

This is following the government’s decision to give the Dangote refinery and marketers the liberty to determine the price they intend to charge the market.

Last week, the Nigerian National Petroleum Company Limited (NNPC), decided to be hands off with the operations of Dangote’s refinery.

This was done in order to allow fuel pricing be determined by market forces as defined by the Dangote refinery and marketers.

As reported by the Punch newspaper, IPMAN’s National Publicity Secretary, Chinedu Ukadike, gave an update on this new development on Sunday, stating that the group is ready to begin a positive business relationship with the refinery and wanted to meet with executives of the Dangote refinery for a discussion.

“We hope to sit down with Dangote maybe Tuesday or Wednesday and if they give us a template or price, we will move to Dangote. I want to reassure you that we have all it takes to off-take whatever Dangote will give to us. I don’t know why they are dragging their legs to discuss with marketers, maybe it is politics,” the publicity secretary stated.

“The more we take action in terms of distribution lines, the price will come down, we are not afraid of this competition, we have organized ourselves and are ready to compete because this is the survival of the fittest,” he added.

Related posts

Russia’s Africa Corps set to take over Wagner’s role in Central Africa

Russia’s Africa Corps set to take over Wagner’s role in Central Africa

May 12, 2025
U.S. Visa: 61,000 applied in Ghana, only 25,000 approved in 2024

U.S. Visa: 61,000 applied in Ghana, only 25,000 approved in 2024

May 12, 2025

Petrol pricing

When asked about the pricing of petrol in the near future, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, noted that the price could drop to N700.

Currently, the price of petrol in Nigeria ranges from N1000 to N1500, following a recent hike in the product’s price.

“The price can be knocked down to N700/litre; it depends on the volatility of the market and this does not always mean upward prices, it could also mean prices coming down,” the PETROAN boss stated.

“If we have massive supply and there are a lot of products in Nigeria, obviously everybody will be looking for just minimal profit. Our business is focused on turnover, so people may cut prices down,” he added.

Last week, it was reported that fuel stations owned by independent marketers were adjusting their prices, with many crossing the N1,000 per litre threshold.

In the country’s capital; Abuja, the petrol pump price rose to N1,030 per litre at various NNPC outlets, while in the commercial center Lagos, the price increased to N998 per litre.

Source link

Previous Post

US Air Force Receives Three Super Tucanos for Training, Test Applications

Next Post

7 Tips for Mastering ‘Metaphor: ReFantazio’

Next Post
7 Tips for Mastering ‘Metaphor: ReFantazio’

7 Tips for Mastering ‘Metaphor: ReFantazio’

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Elon Musk Warns US is ‘Going Bankrupt Extremely Quickly’

Elon Musk Warns US is ‘Going Bankrupt Extremely Quickly’

8 months ago
Where Can I Load my Chime Card?

Where Can I Load my Chime Card?

2 years ago
The Eyes of the Beloved are Everywhere: Chioma Ebinama’s First Solo Exhibition at Morena di Luna, Hove

The Eyes of the Beloved are Everywhere: Chioma Ebinama’s First Solo Exhibition at Morena di Luna, Hove

2 years ago
Ooni Halo Pro Spiral Mixer Review: Dough as Far as the Eye Can See

Ooni Halo Pro Spiral Mixer Review: Dough as Far as the Eye Can See

1 month ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Matthew Slater, son of Jackson State great, happy to see HBCUs back at the forefront

    0 shares
    Share 0 Tweet 0
  • Dolly Varden Focuses on Adding Ounces the Remainder of 2023

    0 shares
    Share 0 Tweet 0
  • US Dollar Might Fall To 96-97 Range in March 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.