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  • It is cheaper to import petrol than buy from Dangote refinery – IPMAN chieftain

    It is cheaper to import petrol than buy from Dangote refinery – IPMAN chieftain

    Yakubu Suleiman, the National Assistant Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has disclosed that buying petrol is cheaper when they import than buying from Dangote Refinery.

    He recounted that as at last week, the local refinery was selling PMS at a bulk price of N995/Litre.

    Suleiman said this during an interview session he had with Arise Tv, on Friday, November 1.

    He said: “Dangote’s price is higher than other places. As at last week, Dangote gives at N995/litre and you have to bring your cargo to load.

    “How much will you pay the cargo? How much will you pay other charges to your depot? We have to pity Nigerians.

    “The Independent Petroleum Marketers Association of Nigeria (IPMAN), are trying their best to salvage this country at this particular time when people are suffering.

    “So let us go for products that are cheaper that when we sell it to the people, the people appreciates. Most people don’t understand the whole dynamics that is going on at the moment.

    “So when we go and buy the higher price we come and sell it as higher as what people are not expecting and they’ll start calling ‘IPMAN’. We are tired.

    “If people understand the dynamics they will have praised IPMAN, because we are truly patriotic to Nigerians.”

  • Dangote Refinery counters IPMAN on challenges faced loading its petrol

    Dangote Refinery counters IPMAN on challenges faced loading its petrol

    The Dangote Petroleum Refinery has said that it is misleading to suggest that the Independent Petroleum Marketers Association of Nigeria (IPMAN) are experiencing difficulties loading refined products from its refinery.

    The company’s statement signed by its Group Chief Branding and Communications Officer, Anthony Chiejina, on Thursday, was in response to a claim by IPMAN on Wednesday that its members can’t load petrol from the Dangote Refinery in Lagos despite having paid ₦40bn to the Nigerian National Petroleum Company Limited (NNPCL).

    IPMAN President Abubakar Garima, who stated this on Channels Television’s Sunrise Daily programme, expressed surprise that Aliko Dangote, the owner of the $20bn refinery, said marketers were boycotting his refinery to buy imported petrol.

    However, the Dangote Refinery in its statement clarified that it has not received any payments from IPMAN to purchase refined petroleum products.

    It stated that although discussions are ongoing with IPMAN, “it is misleading to suggest that they (IPMAN Members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them.”

    Consequently, the company said it cannot be held responsible for any payments made to other entities, as the payment in mention has been made through NNPCL, and not Dangote Refinery.It added that in the same vein, NNPCL has neither approved, nor authorised the company to release our Premium Motor Spirit (PMS) to IPMAN.

    While emphasizing that it can meet Nigeria’s demand for all petroleum products, Dangote Refinery advised IPMAN to register directly with the company and make payments for petroleum products.

    “We would like to emphasise that we can meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel.

    At present, we can load 2,900 trucks per day and we have also been evacuating petroleum products by sea.

    We advise IPMAN to register with us and make direct payment as we have more than enough petroleum products to satisfy the needs of their members.

    “Furthermore, we believe it is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu.

    Conducting business through public speculation is counterproductive and unpatriotic.

    “In the interest of our country, we encourage all stakeholders to collaborate and heed the advice of President Tinubu, while promoting a unified approach, rather than engaging in media conflicts and needless propaganda,” the statement read in part.

  • NLNG Unveils New Brand Identity

    NLNG Unveils New Brand Identity

    Nigeria LNG Limited has announced a rebranding initiative featuring a new logo aimed at enhancing energy supply to Nigerians and global customers. 

    The unveiling took place during a press briefing in Lagos, where the company also confirmed the retirement of Andy Odeh, the General Manager of External Relations and Sustainable Development. He will be succeeded by Mrs. Sophia Horsfall.

    The new branding reflects NLNG’s commitment to innovation and sustainability, positioning the company as more than just a gas supplier but as a comprehensive energy provider dedicated to promoting a greener environment. 

    Odeh expressed gratitude for the media’s support throughout his 26-year tenure and requested the same for his successor.

    Horsfall highlighted that the rebranding signifies a commitment to providing clean, accessible, and reliable energy. She emphasized the importance of media collaboration in shaping public perception and fostering trust. 

    As she steps into her new role, she aims to strengthen partnerships with the media to enhance NLNG’s influence and aspirations.

  • Surge in price of cooking gas: FG bans export of LPG

    Surge in price of cooking gas: FG bans export of LPG

    The Federal Government has banned the export of Liquefied Petroleum Gas (LPG), also known as cooking gas, produced in Nigeria, as the price of the commodity continues to soar.

    The Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, expressed concern over the rising cost of LPG in a statement issued by his media aide.

    Despite efforts to stabilize prices, including the formation of a high-level committee in November 2023 led by the Authority Chief Executive of the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Farouk Ahmed, prices have spiked from an average of N1,100-N1,250 per kg to N1,525 per kg.

    The statement highlighted that Ekpo convened a meeting with key stakeholders in the LPG value chain to address the escalating prices and the hardship they impose on Nigerians.

    As part of the government’s efforts to curb the situation, the Minister announced the following directives:

    Short-Term Solution: Effective from November 1, 2024, the Nigerian National Petroleum Company Limited (NNPCL) and LPG producers are to halt the export of LPG produced in the country. If they continue exporting, they must import an equivalent volume at cost-reflective prices.

    Pricing Framework: The NMDPRA will engage stakeholders within 90 days to create a domestic LPG pricing framework. The new framework will be indexed to the cost of in-country production, replacing the current system of using external market prices from regions like the Americas and Far East Asia.

    Long-Term Solution: Over the next 12 months, the government plans to develop infrastructure for blending, storing, and distributing LPG, with the aim of halting exports until domestic supply is sufficient and prices stabilize.

    The Minister emphasized that these measures are aimed at improving availability, ensuring affordability, and protecting Nigerians from the economic strain caused by rising LPG prices.

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  • Nigeria supplies 24 hour electricity to Togo, Benin, Niger – TCN

    Nigeria supplies 24 hour electricity to Togo, Benin, Niger – TCN

    The Transmission Company of Nigeria, TCN, says the country supplies 24-hour electricity to neighbouring countries such as Niger, Togo and Benin Republic.

    He said the electricity supply are consistent and stable in those country despite the fact that Nigeria could not boast of constant supply of power.

    TCN Chief executive officer, Sule Abdulaziz, who appeared on Channels Television’s Sunday Politics programme, said that Nigerians know there’s improvement in power supply now.

    “We suply power to Togo, Benin and Niger. We supply them power consistently. They get power from Nigeria on 24-hour basis and they’re paying.

    “Nigerians are getting 24-hour electricity supply. Not everybody. Those people in Band A. You’ll see that they get 20-22 hours.

    “Some Nigerians are getting 24 hours. Every distribution company has Band A and that is their priority.”

    The electricity sector in Nigeria generates, transmits and distributes megawatts(MW) of electric power that is significantly less than what is needed to meet basic household and industrial needs of the country.

  • National Grid Collapses Again, Triggering Nationwide Blackout

    National Grid Collapses Again, Triggering Nationwide Blackout

    Nigeria’s national electricity grid collapsed on Saturday, marking the third failure in just one week.

     The grid recorded zero megawatts as of 9:10 a.m., leaving the country in darkness once more. 

    This latest collapse brings the total number of grid failures to eight in 2024, with earlier outages occurring in February, March, April, July, and August.

    The recurring power disruptions have been linked to outdated infrastructure. Nigeria’s power minister, Adebayo Adelabu, has stressed the need for improvements in power systems, including a push for decentralisation, allowing multiple regional grids to operate independently. 

    This would reduce the widespread impact of failures. 

    Despite earlier reports of a decline in system disturbances, the national grid’s failures remain a pressing issue.

  • Benin CNG Cylinder Explosion: Illegal Vehicle Modification to blame

    Benin CNG Cylinder Explosion: Illegal Vehicle Modification to blame

    The Presidential CNG Initiative (PCNGI) has reacted to a CNG vehicle cylinder explosion that occurred in Benin City, attributing the incident to unauthorized vehicle modifications.

    The explosion took place at NIPCO CNG Station on Ikpoba Hill on Wednesday, October 16, 2024, injuring several individuals but causing no fatalities.

    PCNGI confirmed that the vehicle’s cylinder had been welded and altered, deviating from approved safety standards for CNG use.

    An investigation into the incident is underway. It will be carried out by the police, regulatory bodies, and NIPCO management.

    The organization stressed the importance of safe handling of hydrocarbons and urged compliance with new regulations to prevent future incidents.

    PCNGI highlighted the upcoming launch of the Nigeria Gas Vehicle Monitoring System, aimed at improving safety and regulation within the CNG industry.

  • CNG-Powered Vehicle Explodes In Edo, Scores Injured

    CNG-Powered Vehicle Explodes In Edo, Scores Injured

    Tragedy struck Thursday morning in Benin City, the Edo State Capital following the explosion of a Compressed Natural Gas (CNG) powered vehicle at NIPCO filling station, Aduwawa, along the Benin-Auchi Expressway.

    In a viral video making round on social media, the vehicle was vividly scattered while people around the vicinity ran for dear lives as the loud sound from the explosion created panic among residents in the vicinity.

    Three persons were said to have sustained various degrees of injuries and have been rushed to a private hospital for medical attention.

    The explosion is coming on the heels of safety concerns raised about the conversion of petrol-powered vehicles to CNG as advocated for by the Federal Government as a measure to lower the cost of transportation following the removal of fuel subsidy.

  • Peter Obi Reacts to Power Grid Failures

    Peter Obi Reacts to Power Grid Failures

    2023 Labour Party presidential candidate Peter Obi has voiced his concerns over the ongoing power grid failures in Nigeria, describing the situation as a national embarrassment.

     In a Twitter post, he criticized the repeated collapses of the national grid, which have left many Nigerians without electricity. 

    He pointed out that these outages expose the weaknesses in the country’s power infrastructure and highlight failures in leadership and policy implementation.

    Obi questioned how long Nigerians must endure a system that fails to provide reliable electricity, a crucial element for a productive society. 

    He emphasized the importance of power supply for the economic transformation of the country, particularly for small and medium-sized enterprises (SMEs) that are vital for job creation and economic growth.

    He also compared Nigeria’s electricity generation capabilities with those of other African nations.

     Despite being the fourth largest economy on the continent, Nigeria generates less than 10,000 megawatts of electricity, a stark contrast to South Africa and Egypt, which each generate over 40,000 megawatts.

     Obi argued that this significant disparity in power generation illustrates deep-rooted governance issues that hinder the country’s growth and potential.

    Calling for immediate and comprehensive reforms, Obi stated that Nigerians deserve a government focused on measurable progress in development and the well-being of its citizens.

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  • TUC Pushes for Petrol Price Cut, Urges FG to Act

    TUC Pushes for Petrol Price Cut, Urges FG to Act

    The Trade Union Congress (TUC) has called on the Federal Government to reduce petrol prices to the rates seen in June 2023.

     This demand comes amidst rising fuel costs that have affected Nigerians since May when the rate surged from ₦184 to the current price of ₦998 per litre in Lagos.

    The Congress goes on to make a raft of suggestions which it reckons, when adopted by the Federal Government, would ameliorate the current hardship greeting the sudden increase in fuel pump price.

    avert the impending mallei The TUC proposed that foreign exchange be allocated to Dangote Refinery at a lower rate to make fuel more affordable.

    It also suggested sourcing refined petrol from other regions if current production cannot meet local demand.

    In addition, the TUC advocated for all marketers to be given licenses to lift petrol from the Dangote Refinery, ensuring availability and access to fuel across the country.

    “We want the price of the product to go below what it was before; not just reverse to what it was before but to go below,” said TUC President, Festus Osifo, at a press briefing in Abuja on Thursday.

    “We want the Federal Government to, through Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), give all marketers licenses to lift petrol from the Dangote Refinery.

    “The solution we are proposing if implemented will take us to the price we had as of June last year.

    “There is no government in the world that doesn’t intervene in its critical sector” and that the Federal Government “shouldn’t leave it (the oil sector) to the vagaries and gyration of our naira.

    “If it is not available, it is a problem. If, for example, the production from Dangote Refinery is less than 15 million litres per day, it is not sufficient.

    “So, while efforts are being made to ramp up production from Dangote Refinery, what we are demanding is that we should look for every other means as we are ramping up production, we should source for that difference and bring it in for a while until Dangote can get to that level where the production is sufficient to get to all nooks and crannies of Nigeria.

    For us, that is key because it will address the issue of availability,” the TUC boss stated.