fuel

In a significant pivot, Dangote Refinery has announced a temporary halt to the sale of petroleum products in Naira. This decision appears to be a strategic move to sidestep the complexities arising from a disparity between revenues generated in Naira and the obligations tied to dollar-denominated purchases of crude oil, as reported by Premium Times. Without a doubt, this shift means that oil marketers will now be compelled to transact in dollars for crucial commodities, such as petrol and diesel. The implications are…

Refinery's Bold Move: Selling Petrol in Dollars In a world where the economic waves are as unpredictable as ocean tides, businesses must navigate carefully. Recently, the Dangote Petroleum Refinery, a powerhouse in the energy sector of West Africa, unveiled a striking decision to sell petrol not in the local currency, the naira, but rather in U.S. dollars. This development has certainly sent ripples through the economic waters. Why such a bold move,…

Understanding the Ripple Effect of Rising Fuel Prices in Africa Let's take a moment to talk about something that affects all of us in more ways than we often realize—fuel prices. Recent shifts in the global oil market, along with various factors such as currency depreciation and reduced subsidies, have led to an unwelcome surge in fuel costs across many African countries. It's quite astonishing, isn't it, how a single market shift can create a domino effect felt across an entire continent? One might wonder,…

Industry Update: Dangote Refinery's Crude Strategy In a significant development that reflects the turning tides in Nigeria's oil industry, the Nigerian National Petroleum Company (NNPC) Limited has chosen to pause its Naira-for-Crude agreement with local refineries. This arrangement, initially designed to empower local refineries to purchase crude in Nigeria's local currency, the Naira, has hit a procedural snag. But what does this mean for the industry at large? The immediate effect…

Understanding Nigeria's Crude Oil Dilemma It seems Nigeria may soon witness another increase in petrol prices, and the reason might surprise you. Recently, the Nigerian National Petroleum Company (NNPC) Limited has reportedly halted a significant arrangement: the naira-for-crude deal with local refineries. It's a complex issue that might ripple through various sectors of everyday life. Inside sources suggest that NNPC has ceased this crucial deal, which now forces local refineries,…

Imagine stepping into the vibrant arena of the petroleum industry where strategies, alliances, and economic policies play in concert like a well-rehearsed symphony. Within this dynamic landscape, Dangote Refinery has struck a significant chord by partnering with Optima Energy. This move complements its existing partnerships with MRS Nigeria, Ardova PLC, and Hyden, reinforcing its fuel distribution network in an ever-evolving market. Since the operational commencement of Dangote’s $20 billion…

Picture this: You walk into a fuel station, grumbling about rising fuel prices, only to find out that you overpaid on your last visit because prices have been reduced. Annoying, right? Well, it seems like the folks at Dangote Petroleum Refinery are determined to address this exact scenario. Dangote Petroleum Refinery recently unveiled a plan that might make fuel users across Nigeria breathe a sigh of relief. Starting…

Changing Dynamics in Nigeria's Oil Sector: A New Chapter Initiated by Dangote Refinery In a move that underscores his prominence in the African economic landscape, Aliko Dangote has once again adjusted the ex-depot price of premium motor spirit, commonly known as petrol. Earlier this week, the Dangote refinery implemented a second noteworthy price reduction for February, now lowering costs from N890 to N825 per litre. Just a few weeks back, on February 1, we witnessed a similar trend when prices dropped by N60 per…

Edited By Ali Musa Axadle Times International–Monitoring. In a move that has reverberated across the fuel market, the Dangote Refinery made headlines on Wednesday by announcing a significant reduction in the ex-depot price of petrol. The price has been slashed by N65, bringing it down from N890 to N825 per liter. At first glance, this may appear as just another business decision, but as with many things in life, the ripple effects reach far and wide. Starting…

Imagine living in a world where you’re shielded from the capricious nature of global oil markets. Economies cushioned by stable and affordable fuel prices are like well-oiled machines running smoothly amidst the chaos of currency fluctuations and subsidy scrambles. They provide a predictable, steady climate where businesses and individuals can plan with confidence. But is it truly just about predictability? "The greatest wealth is to live…