Dangote Tightens Grip On Oil Industry, Offers N10 Refund On Petrol To Customers

The New Diplomat
Writer

Ad

Global CEOs, Top Diplomats, Ministers, Governors, Industry leaders gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas, Minerals, Maritime Opportunities

By Abiola Olawale Following the official opening of the 80th Session of the United Nations General Assembly (UNGA80), New York, USA, high-level delegations from over a dozen countries, including global CEOs, top diplomats, ministers, governors, industry leaders will gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas,…

Charted: Populations of China, India, U.S., and Europe (1950–2100)

Key Takeaways India is projected to remain the world’s most populous country through 2100, stabilizing around 1.5 billion people. China’s population is expected to fall by more than half, from 1.4 billion to 0.6 billion. Europe’s population will decline steadily, while the U.S. population grows gradually to 420 million. As global demographics continue to shift,…

Elon Musk drops to second place as AI boom powers Oracle’s Larry Ellison to world’s richest status

By Obinna Uballa Elon Musk has lost his long-held crown as the world’s richest person to Oracle co-founder Larry Ellison, following a record-breaking surge in Ellison’s net worth. According to Bloomberg’s Billionaire Index, Ellison’s fortune jumped by an unprecedented $101 billion on Tuesday night to reach $393 billion, surpassing Musk’s $385 billion. The windfall came…

Ad

By Kolawole Ojebisi

In a fresh move to bolster its influence in the oil industry, the Dangote Petrolchemicals Refinery has effected another reduction in the ex-gantry price of its Premium Motor Spirit also known as petrol.

This is as the refinery decided to sell petrol at N825, a price below the publicly announced N835 per litre.

The slashed N10 is said to be a rebate to be enjoyed by customers after successful loading of products at the refinery.

According to Punch, marketers are still paying N835 per litre for products but receive a N10 refund after loading and evacuating them from the refinery.

This arrangement has allowed the refinery’s customers and marketers to retail the product at a lower band of N830 to N835.

It has also given Dangote refinery an edge over other competitors by out pricing importing marketers and private depot owners.

“The Dangote refinery has started giving a rebate on its products. It’s not an official reduction yet, but paid back after marketers buy products from them.” an official of the company was quoted by Punch.

Recall that last month, the Dangote refinery effected a price reduction twice within the space of a week, crashing its gantry price by N45 from N880 to N835 per litre.

This followed the restart and full implementation of the Naira-for-Crude agreement with local refiners after an earlier suspension.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp