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Petrol Price Will Determine If We Buy From NNPC Or Dangote Refinery — IPMAN

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) will decide whether to purchase petrol from the Nigerian National Petroleum Company (NNPC) Limited or Dangote Petroleum Refinery based on pricing.

According to IPMAN’s National Publicity Secretary, Ukadike Chinedu, the association will opt for the supplier offering the best price.

In an interview (with The Punch) on Monday, Chinedu noted that NNPC’s clarification that it is not the sole off-taker of Dangote’s products grants dealers the flexibility to source supplies from the cheaper option.

“Now that NNPC has said they are not the sole off-taker of Dangote petrol, it then means that the price of the product would determine where we are going to buy it. If NNPC imports the product and its price is cheaper than that of Dangote, we will buy from NNPC,” Chinedu said.

He said the situation reflects the implementation of the Petroleum Industry Act (PIA) and the government’s removal of petrol subsidy, with the pricing of petrol now determined by the principles of demand and supply.

Chinedu said this competition will eventually drive down prices.

On whether marketers had started making plans to import if the imported product is more affordable, he said Abubakar Maigandi, IPMAN’s national president, has initiated discussions with investors, with plans underway to secure funding based on the current market trends.

“So, we are talking with some foreign partners because you need to understand that independent marketers are the highest buyers of diesel from Dangote refinery because we control about 80 percent of the filling stations nationwide,” he added.

“So, if Dangote PMS is cheaper we will buy it, but if importation is cheaper, we will go for it.”

Similarly, Mustapha Zarma, national operations controller of IPMAN, said while the association has not yet contacted the Dangote refinery’s sales department on the price, it plans to do so soon.

Zarma said the decision to buy from Dangote or NNPC would be based on which supplier offers a better return on investment and required margins.

“We may contact the refinery’s sales department this week to find out the price,” Zarma said.

“If the price is competitive enough for one to buy and get his return on investment and the required margin, then we wouldn’t mind purchasing directly from him to complement what NNPC is bringing in or what NNPC would buy from Dangote.

“I believe that we are going to analyse the price of Dangote petrol and see the advantages of buying from Dangote viz-a-viz importation. Whichever we feel is cheaper will automatically attract everybody, especially if importation is cheaper.”

He stressed that competition would help prevent price monopoly, with the market determining local prices for refined petroleum products.

“That will bring about competition and I don’t think the government will allow price monopoly. They would want a competitive market where the laws of demand and supply would determine the local price of refined petroleum products, just like diesel is right now,” he said.

“And with that, there is going to be some kind of equilibrium in the pricing and there is going to be guaranteed sustainability of supply.”

On September 7, NNPC denied reports that it intends to become Dangote refinery’s sole distributor.

The company also said there is no guarantee domestic refining would lead to lower prices compared to global parity pricing.

NNPC said Dangote refinery and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products.

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Bandits Kill Three, Kidnap Scores In Kaduna Church Attack

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A group of bandits carried out a violent attack on a church service in Bakinpah-Maro, Kajuru Local Government Area of Kaduna State.

The incident occurred on Sunday morning around 10:00 AM, targeting both an ECWA and a Catholic church.

At least three people were killed in the attack, and a large number of individuals are feared to have been kidnapped. Among the missing is Pastor Bernard Gajera, a prominent figure from one of the churches.

Cafra Caino, a former Chairman of Kajuru LGA, confirmed the tragic event and reported that 30 people were abducted, including Pastor Bernard Gajera from one of the churches.

Caino said, “The terrorists attacked the churches during service, killing three people and abducting many others. The community is in shock, and we urge the authorities to take immediate action to rescue the kidnapped victims.”

The attack comes after the Maro community raised funds to build a security post for law enforcement agencies, following repeated attacks that have prevented farmers from accessing their farmlands.

The kidnapping of Pastor Gajera and many others has sparked fears of a growing trend of targeting religious leaders and communities.

The incident has left the community in a state of fear, with many calling for increased security measures to protect lives and property.

A local resident said, “We urge the government to take decisive action to address the security challenges in our community. We cannot continue to live in fear of bandits and kidnappers.”

Another eyewitness under anonymity, described the attack as horrific.

“When the bandits arrived in large numbers, many worshippers fled the church,” the eyewitness said. “It was a horrendous sight. We were helpless as we watched the bandits wreak havoc.”

The eyewitness called on the government to intensify efforts to protect lives and property in the southern part of the state.

“We can only call on both the state and federal governments, despite their efforts, to continue to try harder for the safety of lives and property in southern part of the state,” the eyewitness said.

As of the time of filing this report, the police are yet to comment on the incident. However, the attack has raised concerns about the escalating insecurity in the region.

Meanwhile, the Chief of Defence Staff, Gen Christopher Musa, on Monday, urged troops on the front line across the country to redouble their efforts in defending the nation.

He also urged them to continue to exhibit the highest standard of discipline and loyalty to the country while going about their duties.

This was contained in a statement by the Director, Defence Information, Brig. Gen. Tukur Gusau.

Gusau said, “Musa called on our gallant troops to redouble their efforts in defending our motherland and to also continue to uphold the highest standards of discipline, loyalty and integrity that are hallmarks of the Armed Forces of Nigeria.

“He also urged them to continue to work in unity with other security agencies in order to defeat the forces of evil and to restore peace and stability across our nation. He further called on all Nigerians to embrace the virtues of tolerance, mutual understanding, and respect for constitutional authority.”

According to the statement, the CDS also saluted members of the Armed Forces who had demonstrated an unwavering commitment and valour in the face of various security challenges confronting our dear country.

“Particularly, the courage and bravery of the troops of Operation Fansan Yamma in Zamfara State for bringing down a notorious bandit leader, Haliru Buzu, and others. The CDS also extended his appreciation to the troops of Operation Hadin Kai in Maiduguri for their noble role in rescuing thousands of flood victims during the recent devastating flood in Maiduguri.”

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American Rapper Diddy Arrested In New York Amid Sexual Assault Lawsuits

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Sean “Diddy” Combs, a prominent US rapper, was taken into custody in New York City on unspecified federal charges.

Homeland Security Investigations officers arrested the 54-year-old hip-hop mogul on Monday at his temporary residence, the Park Hyatt New York hotel located on 57th Street.

Damian Williams, the US attorney for the southern district of New York, confirmed the rapper’s arrest in a statement shared via X (formerly known as Twitter)

While the charges against Combs are unclear, Williams said “we expect to move to unseal the indictment in the morning and will have more to say at that time”.

Diddy has been in the public eye since November 2023 after several women, including Cassie Ventura, the rapper’s ex-girlfriend, took him to court, claiming they were sexually assaulted.

Rodney “Lil Rod” Jones, Diddy’s former producer, also filed a lawsuit alleging that the rapper sexually harassed, drugged, and threatened him for over a year.

In March, the United States Department of Homeland Security raided two properties linked to Diddy.

In May, a video surfaced showing Combs assaulting Cassie in 2016.

Diddy, who had denied Cassie’s claims, however, apologised. He said he was “truly sorry” and that his actions were “inexcusable”.

A Michigan inmate was recently awarded $100 million for a sexual assault lawsuit against Diddy by default judgment.

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CBN May Halt Interest Rate Hike — Bloomberg Report

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Nigeria’s annual inflation rate decreased to a six-month low in August, offering the Central Bank of Nigeria (CBN) a potential opportunity to pause its aggressive interest rate hikes.

The National Bureau of Statistics reported that consumer prices rose by 32.2% in August, down from 33.4% in July.

The slowdown in inflation was primarily attributed to the diminishing impact of the recent devaluation of the naira and the removal of fuel subsidies.

These measures were implemented by President Bola Tinubu as part of his economic reforms aimed at attracting foreign investment and reducing government spending.

The easing inflation rate may provide the CBN with a window to halt its series of interest rate increases, which have been aimed at combating rising prices.

Higher corn yields and a six-month window to import the crop and wheat duty-free also contributed to the softening in price increases.

Data collection was concluded before mid-August, so the effect of a 45 percent increase in gasoline prices in early September, which saw a bump in transport costs, was not captured.

The slowdown raises the prospect that policymakers will pause a tightening cycle that’s lifted the benchmark rate to 26.75 percent from 11.5 percent in just over two years. It will also give the monetary policy committee, which will announce its decision on Sept. 24, time to assess the impact of recent currency volatility, devastating floods in northeastern Nigeria and the increase in gasoline prices on inflation.

Food inflation slowed to 37.5 percent in August from 39.5 percent a month earlier. Core price growth, which excludes agricultural produce and energy, quickened to 27.6 percent from 27.5 percent.

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