Business
Nigerians lament as Dangote, PETROAN cite global crude prices for fuel hike

Dangote Refinery and Petroleum Products Marketers have shifted the blame for the recent premium motor spirit price hike to global crude oil prices as Nigerians lament its impact.
This comes as Nigerians express concerns over the effects of the latest fuel price hike.
On Friday, Nigerians woke up to a fresh PMS price nationwide.
Accordingly, the $20 billion Dangote Refinery raised its ex-depot prices from N899.50 per litre to N950 per litre, representing a N50 or 5 percent price hike.
Thereafter, the retail price of petrol rose to between N970 and N1,150 from N935 and N1,100 per litre.
Particularly, in filling stations with direct petrol sale partnerships with Dangote Refinery, such as MRS filling stations, PMS is sold at N970 per litre, up from N935.
Retailer outlets of the Nigerian National Petroleum Company Limited now sell petrol at N999 per litre, up from N965.
In contrast, other filling station outlets sell petrol between N1,040 and N1,150 nationwide.
Dangote Refinery, PETROAN shift blame
Reacting to the latest price hike, Dangote Refinery, in a statement by its spokesperson, Anthony Chijiena, explained that it is due to a significant surge in the global prices of crude.
According to the 650,000-barrels-per-day facility, the rise in domestic petrol prices is linked to Brent crude’s price hike to $82 per barrel from $70.
Dangote Refinery, however, noted that it has absorbed 50 percent of the cost increases in the international oil market.
The company added that the retail price of its petrol would have risen to between N1,150 and N1,200 per litre in some locations, compared to the current price of N970 per litre.
“We wish to clarify that the recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices.
As crude remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.
“At Dangote Petroleum Refinery, we recognize the critical importance of affordable fuel for all Nigerians, and we remain committed to offering the best value with guaranteed quality to our customers.
While we have made a 5% adjustment to our ex-depot price from N899.50 to N950 per litre, it is important to note that this increase is considerably lower than the 15% rise in global crude oil prices, which has seen Brent Crude rise from $70 to $82 in a matter of days, in addition to the premium for Nigerian crude (approximately $3 per barrel) in international markets.
Furthermore, Dangote Refinery has maintained the single-point mooring (SPM) ex-vessel price at N895 per litre.
All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide.
We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).
“Dangote Refinery has absorbed approximately 50% of the cost increases in the international oil market.
This is due to our unwavering commitment to quality and affordability, as well as the ownership of the refinery by Nigerians, which remains central to our mission.
If Dangote Refinery were to pass on the entire increase in the price of crude oil to the market, the retail price of PMS would be approximately N1,150 to N1,200 per litre in some locations, compared to the current price of N970 per litre.”
On their part, PETROAN, in a statement by its spokesperson, Joseph Obele, also blamed global oil prices for the recent hike in fuel prices.
Quoting the National President of PETROAN, Billy Gillis-Harry, the association noted that international crude oil prices would inevitably affect domestic costs.
“It’s no longer funny; even retail outlet owners are affected by this up-and-down dwindling of prices. It affects our business.”
“Our selling rate always reflects our buying rate. Our members shouldn’t be blamed for the current increase; it’s an external factor,” he stated.
Nigerians lament
Nigerians have bemoaned the latest fuel price hike.
Reacting, the Deputy President of the Nigeria Labour Congress Political Commission, Prof. Theophilus Ndubuaku, said the fresh fuel price hike will affect the already high prices of foodstuff and transportation fares.
“This pump price hike will not only affect foodstuff and fares. There is also the problem of inflation and the value of the naira to contend with,” he stated.
Suleiman Abubakar, a resident of Abuja, said the coming days would be more difficult for Nigerians due to the latest fuel price hike.
“The coming days will be difficult for Nigerians. With the latest fuel hike, food items and transportation are bound to increase.
It is painful that Dangote and petrol marketers are blaming crude oil prices, leaving Nigerians to contend with their fate,” he stated.
Business
Tax Reform: I rented secret apartment after death threats –Oyedele
These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.

Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.
Chairman of Nigeria’s Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has revealed that he was forced to flee his home and now lives in a secret location under armed police protection after receiving death threats linked to his tax reform efforts.
The Guardian reports that during a live radio interview on Nigeria Info FM, Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.
“I had to pack out of my house,” he said. “I rented a place in a secret location where I now live. I’m not the kind of person who wants anybody carrying a gun to follow me around, but I had to accept mobile police protection.”
”Oyedele, a former Africa Tax Lead at PwC, has led the drive to simplify and clean up Nigeria’s tax system.
He described the backlash as unexpected but driven by powerful individuals who had turned tax collection into a personal revenue stream.
“These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.”
Business
Dangote Refinery Planning 1.6m Barrels Fuel Storage Tanks in Namibia
The storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.

Dangote petroleum refinery will construct storage tanks in Namibia to hold at least 1.6 million barrels of petrol and diesel to supply refined fuel to southern Africa.
Reuters reports that the storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.
Dangote was also considering supplying fuel to southern Democratic Republic of Congo, the sources said.
It was not immediately clear how much the project would cost, but the second source said construction of the storage tanks would begin shortly in the port city of Walvis Bay.
The move underscores the refinery’s ambition to dominate fuel supply in Africa and beyond, potentially reshaping energy trade flows in the region and boosting access to refined products for southern African nations.
Business
UBA Announces Strategic Expansion into Key Markets Across Africa

UBA Group senior executives have concluded the Group’s Half Year Business Review, which was held at the global headquarters in Lagos Nigeria.
UBA Group Managing Director/CEO, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation.
He said “the gathering was an opportunity to restate the Group’s pan-African strategy, and commitment to further expanding the Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets.
“With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence.”
The international strategic intent reinforces with the Group’s intention to deliver innovative financial solutions to its fast-growing global customer base.
The strategy demonstrates UBA’s unique position as Africa’s global bank and ability to leverage growth opportunities in emerging and leading African markets.
The Group commenced its Pan African journey, with its entry into Ghana in 2004, followed by rapid expansion into 18 additional African markets.
Today, as a resilient and future-focused institution, UBA continues to push boundaries by connecting Africa to the world and the world to Africa.
Mr Alawuba highlighted the Group’s expansion plans, disclosing that the Group is excited about the vast opportunities that the new markets present, a testament to UBA Group’s confidence in the African economy, providing world-class banking services that meet the continent’s evolving needs.
He noted that: “UBA’s vision is clear – we are building a truly global institution anchored in Africa, but serving customers across continents”.
“Further strategic expansion positions us to unlock new opportunities, support intra-Africa trade, and deliver world-class banking experiences wherever our clients choose to do business,” Alawuba said.
“In Europe, UBA has operations in the United Kingdom and upgrading its license in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in NY.”
These moves signal a clear message of UBA’s intent to reshape the competitive landscape”, Alawuba further said.
As part of the Group’s plan to expand its global presence, UBA, in January, announced plans to open operations in Saudi Arabia.
Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 45 million customers globally.
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