Hopes for reduced petrol prices have emerged as the Nigerian National Petroleum Corporation Limited (NNPCL) is set to begin lifting Premium Motor Spirit (PMS) from the Dangote Refinery today.

Sources indicate that petrol may sell for between N857 and N865 per litre after the new arrangement is fully implemented.

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Reports suggest that NNPCL, as the sole off-taker of petrol from the refinery, is projected to lift the product at a cost of N960 to N980 per litre, selling it to marketers at around N840 to N850 per litre.

This price structure is expected to allow petrol to be sold at filling stations for N857 to N865 per litre.

Currently, petrol is being sold at N855 per litre at NNPCL retail stations in Lagos, making it the cheapest option available, while other major marketers are selling at approximately N920.

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Independent marketers have raised prices above N1,000, and in some parts of the country, prices exceed N1,200 per litre.

The new pricing arrangement, reached after over a week of negotiations between NNPCL and Dangote Refinery, is projected to reduce the financial strain on Nigerians while keeping petrol prices within a more affordable range.

Sources say that President Bola Tinubu intervened during negotiations, urging stakeholders to ensure that the price at the pump would not impose undue financial hardship on citizens.

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Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, expressed optimism about the deal, noting that it would ease pressure on foreign exchange demands, as 30% to 40% of Nigeria’s FX demands are used for the importation of petrol.

He also highlighted that the structuring of the NNPC-Dangote deal in Naira is a positive step toward stabilizing the local currency.

NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, confirmed that trucks and vessels were already being deployed to the Dangote Refinery to begin lifting PMS.

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“Our trucks and personnel are on-site, and we expect to commence loading by September 15th,” he said, adding that over 100 trucks were already at the refinery, with the number expected to rise to 300 by the weekend.

Meanwhile, Olufemi Adewole, Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), expressed hope that the pricing structure would soon be clarified, allowing marketers to meet the energy demands of Nigerians.

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The Federal Government has also structured the sale of crude oil to local refineries and the corresponding purchase of petroleum products in Naira.

This initiative is expected to reduce transaction costs, ease FX pressures, and improve the availability of petrol in the domestic market.

NNPC will begin supplying around 385,000 barrels per day (bpd) of crude oil to the Dangote Refinery from October 1, 2024, which will be paid for in Naira.

The Dangote Refinery will, in turn, supply PMS and diesel to the local market, also to be paid for in Naira.

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The agreement is expected to alleviate the severe shortage of petrol in Nigeria, and it could bring much-needed relief to consumers by stabilizing or even lowering the cost of fuel.

The Chairman of the Ogbete Main Market Traders’ Association (OMMATA) in Enugu, Mr. Stephen Aniagu, has been tragically killed in a suspected assassination.

According to reports, the attack occurred at Moses Ogbodo Junction, near Topland Market in the Amaechi area of Enugu South Local Government, on the evening of Saturday, September 14, 2024.

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Witnesses say that Mr. Aniagu was likely heading home after the day’s activities at the market when he was ambushed around 7 PM.

A local source recounted the chilling scene: “We heard gunshots and quickly sought cover. After the gunfire stopped, we found his lifeless body on the ground, and his vehicle was missing.”

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The source, speaking anonymously, added that the victim had been shot multiple times, with his body left riddled with bullets.

His attackers reportedly fled the scene with his car, and authorities are now investigating the incident.

The Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, has been commended by key stakeholders for his crucial role in establishing the South East Development Commission (SEDC).

Among those speaking in his defense, the Coalition of South East Youths for Democracy (CESYD), through a statement by its coordinator, Comrade Wisdom Akunna Fabulous, criticized efforts to downplay Kalu’s contribution to the process, describing such attempts as “misleading” and “unfortunate.”

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CESYD acknowledged Hon. Kalu’s significant involvement in sponsoring the SEDC bill, from its introduction in the House on October 12, 2023, to its final approval by President Bola Ahmed Tinubu on July 23, 2024.

The group emphasized that the Deputy Speaker was a driving force behind the commission’s establishment, underscoring his commitment to the development of the South East region.

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This defense comes in response to comments made by Dr. Josef Onoh, a former campaign spokesperson for the All Progressives Congress (APC), who attempted to minimize Kalu’s efforts.

CESYD, however, challenged Onoh to present evidence contrary to the well-documented facts of Kalu’s involvement, stating that the Deputy Speaker’s contributions were undeniable.

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The coalition further praised Kalu for consistently prioritizing the interests of the South East and combating the region’s marginalization.

In setting the record straight, CESYD expressed its determination to prevent the distortion of historical facts and urged all parties to focus on meaningful efforts for the development of the region, rather than propagating misinformation.

The Nigerian National Petroleum Company Limited (NNPC) has deployed over 300 trucks to the Dangote Refinery in preparation for the loading of petrol.

This was confirmed by NNPC spokesperson, Olufemi Soneye, in a video shared on his X handle on Saturday.

Soneye revealed that the trucks are arriving ahead of the scheduled petrol loading, set to begin on Sunday, September 15, 2024.

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“NNPC Ltd. trucks are arriving at the Dangote Refinery in preparation for the scheduled petrol loading on Sunday,” Soneye said.

“By the end of today, at least 300 trucks will be stationed at the refinery’s fuel loading gantry,” he added.

This move signals a significant step towards enhancing fuel distribution in the country.