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No Marketer Will Buy Fuel From Dangote Refinery – IPMAN
No oil marketer is going to buy Premium Motor Spirit, popularly called petrol, from the Dangote Petroleum Refinery and sell at the prevalent pump prices at filling stations in Nigeria except the Nigerian National Petroleum Company Limited, operators in the downstream oil sector have declared.
On July 15, 2024, The PUNCH reported that the President of Dangote Industries Limited, Alhaji Aliko Dangote, announced that the $20bn refinery was set to roll out its petrol in August 2024, having resolved its crude oil supply issues through the help of NNPC and the Federal Government.
“Gasoline (petrol) production is to commence in July with sales from August. Annual revenue is projected to exceed $26bn,” Dangote had stated while delivering a presentation at the plant last month.
But oil marketers told our correspondent on Sunday that no dealer in Nigeria would be able to buy the petrol from the Dangote refinery, because the product would be priced at the international market rate, far higher than the domestic cost at the pumps.
When contacted and asked whether oil marketers had been briefed about the price of petrol from the Dangote refinery, the Deputy National President of the Independent Petroleum Marketers Association of Nigeria, Zarma Mustapha, gave a negative reply.
He, however, stressed that PMS from the plant would be sold at the international market rate, adding that no marketer would want to pay such price currently.
“There has been no official communication from them yet on pricing for petrol. However, one thing I want you to understand is that even if the Dangote refinery starts to release products, particularly PMS, no marketer can be able to buy the product from him.
“This is because the refinery is an independent commercial entity and they must recoup their cost of refining and add some margin before they sell out the product. The current price of the product within the country is below the international price of a litre of PMS.
“So you cannot buy the product from the refinery at the international price and then sell it at the prevailing price at the retail outlets. If you do, you are going to lose a huge amount of money, which is a difference of between N400 and N500/litre,” Mustapha stated.
The IPMAN official, however, noted that for Nigeria to have Dangote petrol across its filling stations, the NNPC would have to intervene by purchasing the product and reselling it to dealers at discounted rates.
“NNPC may have to offtake the product, just like they are importing from other countries for upward supply to Nigerian marketers, I think only the national oil company can offtake PMS from them and know how best they can continue to supply it to marketers to sell at the approved current price.
“If it is not done this way, no marketer will be able to buy the product and sell it at a loss of over N400 to N500/litre. It is not possible” Mustapha stated.
On July 18, 2024, The PUNCH reported that the landing cost of petrol was N1,117/litre as of July 16, 2024, according to data released by the Major Energies Marketers Association of Nigeria. MEMAN disclosed this during a webinar with journalists.
The association had also revealed that the landing cost of diesel was N1,157/litre, while that of aviation fuel was N1,127/litre, at the time.
The N1,117 landing cost of petrol is far above the pump price of the product in Nigeria. Currently, the pump price of petrol is between N660/litre and N800/litre, depending on the area of purchase.
When contacted and asked whether major marketers would be able to buy petrol from the Dangote refinery, the Executive Secretary, MEMAN, Clement Isong, said his group had earlier published the landing cost of PMS, adding that this was the realistic cost of the product.
“You have seen the price we published which is the realistic cost, and you know the cost at the pumps today, and Dangote refinery is a business entity that will not want to make losses. So that is all I will say,” he stated.
NNPC is currently the sole importer of petrol into Nigeria. Other marketers stopped importing the product due to their inability to access the United States dollar required for PMS imports. NNPC had yet to respond to enquiries on the matter when contacted, up till when this report was filed.
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Makinde Only In PDP Because He’s Not Seeking Re-election – Otitoju
Babajide Kolade-Otitoju, the Director of News at TVC News, recently stated that Oyo State Governor Seyi Makinde would likely have defected from the People’s Democratic Party (PDP) if he was still serving his first term.
Otitoju stated this on Friday on TVC’s ‘Breakfast Show’.
He described the National Convention of the Peoples Democratic Party, PDP, in Ibadan last November as a mere waste of time.
“People must show good judgment at a critical phase. What was the point of having that convention? Two courts told you not to go ahead but you went ahead.
“I may not be a fan of former Senate President Bukola Saraki but if he says something that makes sense, I will be the first to admit it. He made sense when he said let’s go for caretaker. What’s the point of not listening to him?
“Later you will be shouting that the ruling party is behind your crisis, meanwhile you are the architect of your own misfortunes. You created this problem.
“If Makinde were in his first term, he would have fled like the dancing governor because his second term would have been in danger,” Otitoju said.
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Beyond My Wildest Dreams: Disu Opens Up During Handover From Egbetokun
The Inspector-General of Police, Olatunji Disu, on Thursday paid glowing tribute to his predecessor, Kayode Egbetokun, recalling their early professional relationship while serving under President Bola Tinubu during his tenure as governor of Lagos State.
During the pulling-out ceremony held in honour of Egbetokun at the Force Headquarters in Abuja, marking the retirement of the former police chief, the new Inspector-General of Police (IGP), Olatunji Disu, reflected on his unexpected rise to the position, stating that he “never dreamed” of becoming the IG.
In his remarks, Disu described Egbetokun’s career as one marked by dedication, professionalism and strong leadership, noting that a defining chapter in the former IG’s career was his service as Chief Security Officer to the Lagos State Governor at a time when Tinubu was in office.
He said it was during that period that their professional paths first intersected.
“A defining chapter in his professional life was his service in Lagos State Government House, where he served as Chief Security Officer to the Governor of Lagos State, at a time when His Excellency, Senator Bola Tinubu, now President of the Federal Republic of Nigeria, was Governor.
“It was during that period that our professional paths intersected in a most memorable way.
“While IGP Egbetokun (retd.) served as Chief Security Officer to the governor, I had the honour of serving as Aide-de-Camp to the same governor.
“Working together under demanding circumstances, we shared the responsibility of ensuring the safety and security of the Governor and the Government of Lagos State,” Disu said.
The police chief said neither of them could have imagined at the time that years later, Egbetokun would rise to become the Inspector General of Police and that he would eventually succeed him in the same office.
According to him, the development reflected how years of service and dedication sometimes align in unexpected ways.
“At that time, neither of us could have imagined that years later, destiny would place him at the helm of the Nigeria Police Force as Inspector General of Police, and that I would have the honour of succeeding him in that office.
“It is indeed one of those remarkable coincidences of history that reminds us how the threads of service sometimes weave themselves across time in unexpected ways,” he said.
Disu noted that throughout his career, Egbetokun rose steadily through the ranks, serving in various command, operational and training capacities across the country.
He highlighted Egbetokun’s leadership roles, including commanding the Rapid Response Squad in Lagos, Police Mobile Force operations, and serving as Area Commander in Osogbo and Gusau.
The IGP also commended Egbetokun’s contributions to police training and capacity development, citing his service as Commandant of the Police Training School, Ikeja, and later as Deputy Commandant of the Police College, Ikeja.
He said Egbetokun’s tenure as Inspector General was guided by a vision to build a professionally competent, service-driven, rule-of-law-compliant and people-friendly police force.
According to him, the former police chief implemented reforms to strengthen operational efficiency, enhance professionalism, improve personnel development, and deepen public trust in policing.
Disu added that Egbetokun emphasised intelligence-driven policing, strengthened training and reinforced institutional values such as discipline, accountability and service.
He further noted that Egbetokun’s leadership style, characterised by calmness, intellectual depth, and strategic foresight, helped guide the Nigeria Police Force through complex security challenges during his tenure.
In his speech, Egbetokun highlighted key reforms and institutional improvements achieved during his tenure as the Inspector-General of Police.
According to him, his administration pursued reforms to reinforce professionalism, promote merit-based advancement, and strengthen intelligence-led policing.
He noted that as part of the reforms, the Intelligence Bureau was expanded and upgraded to a full department headed by a Deputy Inspector-General of Police, while the Legal and Medical units were elevated to directorate status to improve institutional efficiency and service delivery.
Egbetokun also said the Force further developed its cybercrime centre into a sophisticated facility capable of monitoring Nigeria’s cyberspace and supporting modern investigations.
He added that investigative and operational capacity was strengthened through improvements to the National Criminal Database and enhanced professional training for operators across commands up to the divisional level.
The former police chief said operational presence was expanded through the establishment of additional Police Mobile Force squadrons, new Area Commands and Divisions, as well as the creation of the Special Intervention Squad, which he said had recorded notable successes across the country.
He also said progress was made in improving police infrastructure, including the completion of barracks redevelopment projects in Kano and Kaduna and the commissioning of modern state command headquarters in Ogun and Adamawa states.
Egbetokun, who was appointed on June 19, 2023, by President Tinubu, resigned on February 24, paving the way for the appointment of Disu.
In 2024, the IG’s continued stay in office sparked widespread controversy after Egbetokun officially reached the mandatory retirement age of 60 on September 4.
However, his stay in office was extended following the amendment to the Police Act.
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Terror Surge: Tinubu Demands Results from Security Chiefs
President Bola Tinubu met with security chiefs, including Tunji Disu, the inspector-general of police (IGP) in a closed-door session on Thursday to address a series of “rising terror attacks” across the country.
The meeting followed an escalation in violence, including recent deadly raids in Benue, Plateau, and Borno states.
The nearly two-hour meeting, held at the State House in Abuja, began in the afternoon after the security chiefs arrived discreetly and ended around 5:10 p.m.
Those in attendance included Christopher Musa, minister of defence; Nuhu Ribadu, national security adviser (NSA); Adeola Ajayi, the director-general of the Department of State Services (DSS); and Olufemi Oluyede, chief of defence staff (CDS).
Others were Waidi Shaibu, the chief of army staff; Kelvin Aneke, chief of air staff; and Idi Abbas, chief of naval staff.
As of the time of filing this report, details of the meeting had yet to be issued by the presidency.
However, there are indications that the sit-down may centre around the rising terror attacks and intensified assaults on military outposts across Nigeria, particularly in the north-east, which culminated in the recent killing of several high-ranking officers.
On Monday, a commanding officer of the Nigerian Army was killed following an attack by suspected fighters of the Islamic State West Africa Province (ISWAP) on a military base in Kukawa, Borno state.
The attack came about a week after suspected Boko Haram and ISWAP fighters attempted to attack military positions in Ngoshe, Gwoza LGA of Borno.
On Tuesday, Nigerian troops repelled an early-morning attack by suspected ISWAP fighters on a military base in Doron Baga, Kukawa LGA of the state.
Speaking during an interfaith breaking of the fast with members of the Nigerian Armed Forces at the presidential villa in Abuja last Friday, Tinubu said the country would “ultimately prevail against all forms” of insecurity.
The president said the efforts of the security forces had continued to weaken terrorist groups and bandits operating in different parts of the country.
He assured the armed forces of continued investment in modern equipment, intelligence, and logistics to strengthen their operational effectiveness.
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