Dangote Refinery Reduces Petrol Price Back To N1,200/litre - Business

Dangote Refinery Reduces Petrol Price Back To N1,200/litre - Business - Nairaland

Nairaland Forum › Nairaland General › Business › Dangote Refinery Reduces Petrol Price Back To N1,200/litre (9367 Views)

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Dangote Refinery Reduces Petrol Price Back To N1,200/litre by Putindbutt(op): 2:53pm On Apr 08

Dangote Refinery has reversed its recent petrol price hike, slashing the ex-gantry price of Premium Motor Spirit by N75 to N1,200/litre, only few hours after a slight increase was announced.

The refinery had earlier raised the price to around N1,275 per litre, citing pressure from volatile global oil markets, according to sources familiar with the matter.

However, new sources confirm that Dangote Petroleum Refinery & Petrochemicals has stated that the price of PMS remains unchanged, amid concerns over potential volatility in the downstream market.

“We are maintaining our existing price and have not implemented any new pricing for our customers,” the source said.

The source added that the refinery remains focused on ensuring the steady availability of refined petroleum products across Nigeria and the wider African market, reinforcing its role in supporting supply stability.

This swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, a 13 percent decline, while West Texas Intermediate (WTI) crude closed at $97.18, a nearly 14 percent drop.

Industry analysts point to Donald Trump, United States President, announcement of a conditional two-week ceasefire with Iran as the key trigger, which has eased fears of immediate supply disruptions in the global oil market.

https://businessday.ng/energy/oilandgas/article/dangote-refinery-reduce-petrol-price-back-to-n1200-litre/

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by Putindbutt(op): 2:57pm On Apr 08

Few hours after World bank's statement, Dangote reverses his price.

https://www.nairaland.com/8649915/imported-petrol-cheaper-than-dangote

Sir, Nigeria has given you so much, giving back to Nigeria especially at a dire period won't hurt you.

I can't wait for BUA refinery.

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by HacheNoire: 2:59pm On Apr 08

Putindbutt:
Few hours after World bank's statement, Dangote reverses his price.

Sir, Nigeria has given you so much, giving back to Nigeria especially at a dire period won't hurt you.

I can't wait for BUA refinery.

It is called market fluctuations!

It changes drastically during instability.

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by Putindbutt(op): 3:08pm On Apr 08

HacheNoire:
It is called market fluctuations!

It changes drastically during instability.

No way, Dangote has been intentional. The Govt is not folding her arms watching the middle east war cripple the oil market. Govt have been intervening so far, granting Dangote waivers and supplying more cargoes.

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by HacheNoire: 3:11pm On Apr 08

Putindbutt:
No way, Dangote has been intentional. The Govt is not folding her arms watching the middle east war cripple the oil market. Govt have been intervening so far, granting Dangote waivers and supplying more cargoes.

What waivers was granted to Dangote?

Has NNPC been able to meet up with the required demand for crude oil? No! So he is still importing and been affected by market fluctuations.

Moreover, if importation is so cheap, why are we not seeing the difference at the pump? Where do they sell the imported fuel that is far cheaper than Dangote?

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by Putindbutt(op): 3:12pm On Apr 08

Govt currently has 7.2% stake in the refinery. Let the public enjoy the little stake atleast.

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by brain54(m): 3:19pm On Apr 08

We should be jumping for joy nah... undecided

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by Putindbutt(op): 3:35pm On Apr 08

HacheNoire:
What waivers was granted to Dangote?

Has NNPC been able to meet up with the required demand for crude oil? No! So he is still importing and been affected by market fluctuations.

Moreover, if importation is so cheap, why are we not seeing the difference at the pump? Where do they sell the imported fuel that is far cheaper than Dangote?

FG is giving him 60% in naira and 40% in dollar, even when the the international price increases, the value of naira remains stable.

Then after receiving a chunk of crude and a concession in naira value, he's more concerned about exporting abroad to meet the demands of his buyers.

Govt has to lift the restrictions on importation and grant more import license to marketers.

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by HacheNoire: 3:38pm On Apr 08

Putindbutt:
FG is giving him 60% in naira and 40% in dollar, even when the the international price increases, the value of naira remains stable.

Then after receiving a chunk of crude and a concession in naira value, he's more concerned about exporting abroad to meet the demands of his buyers.

Simple question I asked. Is the NNPC meeting up with Dangote’s demand for crude? If they double, did they still meet up?

60% in Naira and 40% in USD, and who does that favour? Dangote? You feel Dangote won’t it to receive all in USD?

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by Putindbutt(op): 3:56pm On Apr 08*

HacheNoire:
Simple question I asked. Is the NNPC meeting up with Dangote’s demand for crude? If they double, did they still meet up?

60% in Naira and 40% in USD, and who does that favour? Dangote? You feel Dangote won’t it to receive all in USD?

This is a man boasting he has more than enough to go round the country in his storage but as soon as he fought the former NUPRC boss that he resigned and Govt restricted importation, he then suddenly realizes he doesn't have enough anymore, right?

And how less does it favour Dangote when 60% is paid for in naira considering the gains of naira against the dollar?.

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by Putindbutt(op): 4:07pm On Apr 08*

Thanks to the World Bank.

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by nairalanda1(m): 4:26pm On Apr 08

As expected, as oil prices have gone below 100 dollars per barrel

EVEN THEN, it's going to take some weeks, if not months, for supply levels of crude to get back to normal, so don't expect magic.

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by saintbillion(m): 4:28pm On Apr 08

The way this guy dey enjoy monopoly eeh. Well I blame FG

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by donleo92(m): 4:28pm On Apr 08

Dangote just dey do anyhow.....

By the time them go nationalize that him refinery, na that time him eye go open grin

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by israelmao(m): 4:28pm On Apr 08*

Dangote is a businessman in business search out for opportunity to make profit even while satisfying customers.

However,Trump has humbled Iran's foolish pride.Never claim to be whom you are not.I wonder where they keep their 1million army they claimed to have raised. .

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by ogaemma: 4:28pm On Apr 08

They keep reducing fuel pump price, but it will never reflect in the cost of transportation.
This reduction of price is just an announcement, it will not benefit the common man.
Whenever transport fare goes up in Nigeria, is very hard to come down

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by nairalanda1(m): 4:29pm On Apr 08

Putindbutt:
Few hours after World bank's statement, Dangote reverses his price.

Bro, Nigeria has given you so much, giving back to Nigeria especially at a dire period won't hurt you.

I can't wait for BUA refinery.

You guys should stop thinking that a business owes you anything.

In total, all government gave dangote was CBN Loans totalling 300 million dollars. By contrast, dangote got loans of 6 billion dollars from local and foreign banks, and put up 3 billion dolalrs of his own money.

No business owes you anything. Businesses sell at the price that would enable them meet all their obligations, not prices that would favour you or anyone else, or government.

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by nairalanda1(m): 4:30pm On Apr 08

donleo92:
Dangote just dey do anyhow.....

By the time them go nationalize them him refinery, na that time him eye go open

If you want permanent scarcity of fuel every year end plus scrap refinery, make you convince tinubu to nationalize the dangote refinery.

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by Afrobasic(m): 4:31pm On Apr 08

It was N750 right before the war, now that the war has been postponed, I expect it to fall right back to that price.

I would not hold my breath though.

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by kingphilip(m): 4:31pm On Apr 08

No be him fault.

If all our refineries de work, who for send am?

Just like someone said in the other thread that he rushed to increase the price so that when the international prices drop, he can reduce abit and that's just what happened.

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by Hezzyluv: 4:31pm On Apr 08

The fuel stations too are not helping matters. Yesterday, I bought fuel #1,257. Today same filling station selling ₦1,330. cry

Shey na yesterday midnight them buy another fuel again that will bring about such increase?

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by Starboytwo(m): 4:34pm On Apr 08

One of my guys just talk say make we comot. Say him go drop 5k make me too drop 5k, total 10k for fuel…

I just nod head comot for him front…

Where 7 litre wan carry you reach??

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by donleo92(m): 4:34pm On Apr 08

nairalanda1:
If you want permanent scarcity of fuel every year end plus scrap refinery, make you convince tinubu to nationalize the dangote refinery.

Oga nothing go still happen... Dangote be doing tooooo much, na every Nigerian get this oil oh

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by nairalanda1(m): 4:34pm On Apr 08

saintbillion:
The way this guy dey enjoy monopoly eeh. Well I blame FG

No, blame Nigerians.

From 1993, to 2023, everytime government wanted to remove subsidy, most nigerians said NO. That meant that refineries operated at a loss, and it also prevented investment in new refineries...because no financial institution was going to lend money for refinery that would lose money because people wanted to buy fuel at a price below production cost.

Infact production cost has no respect for subsidy cost. Government can budget sum X for subsidy, and then high oil prices for the year would force government to increase subsidy budget by borrowing. Problem start. And the money might not be enoigh. refinery begins to malfunction because of lack of proper maintenance.

Had subsidy gone in 1993, even in 2012...when GEJ had 3 greenfield refineries wating in the wings, all that needed to be done was remove subsidy, and work go start, dangote won't be the only one there. (there are even 4-5 other refineries anyway)

But subsidy was not removed.

Dangote got financing because if problem started, the creditors will pay themselves from his other lucrative businesses...via AMCON.

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by Creditalerts: 4:35pm On Apr 08

The war is over so the leeching from the masses should stop 😡😡😡

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by SixSeven: 4:35pm On Apr 08

The refinery had earlier raised the price to around N1,275 per litre, citing pressure from volatile global oil markets, according to sources familiar with the matter.

Repost

When Trump posted that he would bomb Iran to ancient civilization by targeting their bridges and energy infrastructure, the only thing that came to my mind was energy infrastructure. I've given up on bridges because in Nigeria, mediocrity is celebrated. 4th Mainland bridge is still on their mega plan while the Lagos-Calabar highway is completed since Obidients, Wailers and enemies of the State are already selling gala on its highway, hide your face!!!🙈

In this ongoing war, Iranian officials announced last week that they have restored electricity to their people despite attacks from Israel/US. 👇

Iran restores power to most parts of Tehran and Karaj after suspected attacks on infrastructure

https://www.youtube.com/watch?v=zLGojjLbXKU?

It makes me ask the question, are we living in any civilization if we can't have light huh

A country at war cares so much to restore power to its people, they didn't use the war as an excuse but in my own country, these wicked people use all manner of man-made excuses to put us in darkness, pain and suffering. Every Nigerian becomes an analyst, analyzing waterfalls from Kainji Dam to river sediments of Bakassi peninsular. May woe betide una 👐 It's not a curse. It is what you need because what you have shown us is that you are ungrateful. We are ungrateful people in this country and we should stop insulting God. Nigerians are the most ungrateful people on earth because God blessed us with abundance of resources and wealth but we insult the creator by giving weak excuses and ensuring that people suffer while we take care of our own immediate family and friends. We don't like ourselves, we just pretend we do.

In other countries, they make sure people are okay first. Here, we want to steal everything for ourselves and family, most people don't care about the state. They send their kids abroad, no excuses. They holiday abroad. They show off abroad. What kind of people are these? I can't just speak for God because if I were the one who created this kind of people, I would be so irritated because I see how you take pride in making your own people suffer but stash the money abroad. The president is in power, the supporters are more interested in peppering Obidients. If the president does well, isn't it to everyone's enjoyment and benefit? What sort of tomfoolery makes you bothered about opposition when you have the opportunity to use the goddamn power to fix things? I see in the war threads how people support either side but they don't reason. That country is a terrorist country as they claim here on NL but they have light. They have freaking light. No excuses. They are under sanctions. Here, they give all manner of excuses, sabotage the country, cache out our money, only for it to be used by their oppressors. Clowns 🤡

Nigerian incompetence thrives on world chaos so they can have something to justify their dirty bottoms. It's such a shame and a disgrace that Libya and Iran can have light but in Nigeria, we are ready to blame the world economy. Hisses

https://www.tiktok.com/video/7555386949716987144[/quote]

Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by Mariangeles(f): 4:35pm On Apr 08*

HacheNoire:
It is called market fluctuations!

It changes drastically during instability.

Then again, what has been stable since this Tinubu's maladministration?
Even price of pure water is not stable.

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by TimeManager(m): 4:35pm On Apr 08

Mr Dangote, small small abeg. Government has not intervened in any private business as much as Dangote's.

-Kiss the truth!

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Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by iwaeda: 4:38pm On Apr 08

Backlash immediately they heard anger of the people. grin

Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by nairalanda1(m): 4:38pm On Apr 08

donleo92:
Oga nothing go still happen... Dangote be doing tooooo much, na every Nigerian get this oil oh

I'm serious. If government takes over refineries, they will become scrap.

The problem with government taking over refineries is that they won't let them run profitably. Dem go sell fuel at N300 per liter to make common man happy, when it costs nearly N900 to refine one liter. Refinery will begin to lose money, subsidy cost no fit cover am, and government would start spending and printing money to cover everything, meaning economy starts getting sicker and sicker.

Unless Nigeria was producing something like 80 million barrels per day and selling each barrel at 100 dollars , no way government can do nationalization.

Even Saudi that nationalizes their refineries, runs it as joint venture with foreign companies. self. And they have 40 million people living on ten millon barrels of crude per day.

Unless government is willing to sell fuel at a profit, not at knock down prices, forget nationalization working.

Re: Dangote Refinery Reduces Petrol Price Back To N1,200/litre by richiemcgold: 4:39pm On Apr 08

He probably reduced the price because of revelation made by the world bank. Imported petrol shouldn't be cheaper. How come? 🤥

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