In continuation of the price war with the Nigerian National Petroleum Company Limited (NNPCL) and major players in Nigeria’s downstream oil sector, the Dangote Refinery has further reduced its ex-depot premium motor spirit price from ₦825 per litre to ₦815 per litre.
The development came after fuel landing cost dropped to ₦774.82 per litre, below Dangote Refinery’s ₦825 ex-depot prices.
Dangote had previously dropped prices from ₦890 to ₦825 per litre on February 27, making it the second price reduction from the Dangote refinery in just two weeks.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed the latest price reduction on Thursday, saying the reduction is all part of a larger battle for dominance in Nigeria’s deregulated fuel market.
“Dangote has millions of litres and won’t want external forces to take its market share. That’s why we are seeing this price war,” Ukadike explained.
Meanwhile, reports show that the landing cost of imported petrol has dropped to ₦774.72 per litre, fueling speculation that pump prices could soon fall to around ₦800 per litre.
However, speaking with Blueprint Weekend, an economist, Peter Adekunle, warned Nigerians to be wary as the fuel price reduction could be a Greek gift.
“Dangote’s growing dominance could lead to a monopoly because it is how the company gained control of Nigeria’s cement industry. If that happens, initial price cuts could eventually give way to price hikes once competitors are pushed out.
“The new price cut is already shaking up the market. Oil marketers, eager to take advantage of the lower cost, are increasingly sourcing directly from the Dangote Refinery rather than from other suppliers.
“This aggressive pricing strategy is great news for consumers in the short term. With the ongoing competition, many Nigerians are hopeful that pump prices will continue to drop,” he said.
Edo govt hails NELFUND initiative, pledges state’s support (2nd)
Deputy Governor of Edo Dennis Idahosa on Friday lauded President Bola Ahmed Tinubu for the Nigerian Education Loan Fund (NELFUND), calling it a game-changer for youth empowerment.
Idahosa made the remarks while hosting NELFUND’s Managing Director, Mr. Akintunde Sawyerr, and his team in Benin City.
According to the deputy governor, the scheme is a tool for youth empowerment.
He commended Tinubu’s commitment to ensuring financial hardship did not hinder students’ academic aspirations and Femi Gbajabiamila for championing the bill in the 9th Assembly.
The deputy governor assured that Edo would collaborate with the relevant agencies to mobilise and sensitise qualified students for the fund.
He emphasised the state government’s commitment to equal access to quality education for all.
“This initiative has removed financial barriers crushing students’ dreams. With NELFUND, countless youths now have a chance to unlock their potential and achieve academic success,” he said.
NELFUND’s boss, Sawyerr, in his remarks, said the scheme aimed to reduce school dropouts caused by financial constraints and gave the assurance that the federal government had adequately funded the initiative.
“NELFUND accelerates students’ access to tertiary education. Indigenous students across all states can benefit. Hundreds have already received financial support for tuition fees and examinations,” he said.
On his part, the Commissioner for Education, Dr. Paddy Iyamu, commended the scheme for easing parents’ financial burden and pledged intensified sensitisation to inform more students about the programme’s benefits. (NAN)