• About Us
  • Contact Us
  • Privacy & Policy
Tuesday, August 26, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Dangote Industries to NUPRC: Address Crude Price Gouging by IOCs

Vincent Amadi by Vincent Amadi
March 10, 2025
in Economy
Reading Time: 3 mins read
A A
0
Dangote Industries to NUPRC: Address Crude Price Gouging by IOCs
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


Dangote Industries Limited (DIL) has dismissed the claim by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) that International Oil Companies (IOCs) are willing to sell crude oil to domestic refineries.
Dangote argues that IOCs make it harder to access local crude oil, often forcing them to use expensive middlemen and pay inflated prices.
DIL, Vice President Devakumar Edwin has directly refuted the statement by NUPRC CEO Gbenga Komolafe that the Petroleum Industry Act (PIA) guarantees a “willing buyer-willing seller relationship” for crude oil.
Edwin argues that only Sapetro sells directly to DIL, while other producers are dependent on trading companies outside Nigeria, incurring unnecessary costs.


Edwin said, “The NUPRC has been very supportive to the Dangote Refinery as they have intervened several times to help us secure crude supply. However, the NUPRC chief executive was probably misquoted by some people hence his statement that IOCs did not refuse to sell to us. To set the records straight, we would like to recap the facts below.”

He explained how only one local producer, Sapetro, sold directly to DIL while other producers referred them to international trading units that acted as costly middlemen.
“These international trading arms are non-value adding middlemen who sit abroad and earn margin from crude being produced and consumed in Nigeria. They are not bound by Nigerian laws and do not pay tax in Nigeria on the unjustifiable margin they earn,” Edwin said.
Edwin reported a case where the commercial unit of IOC refused to sell directly and insisted on the use of middlemen, leading to nine months of negotiations before NUPRC stepped in. He also noted that international trading units favour foreign buyers such as Indonesia’s Pertamina, often keeping Nigerian refineries waiting.
“The trading arm of one of the IOCs refused to sell to us directly and asked us to find a middleman who will buy from them and then sell to us at a margin. We dialogued with them for 9 months and in the end, we had to escalate to NUPRC who helped resolve the situation,” he revealed.


He noted that IOCs have consistently denied the company access to local crude, often offering it at a premium of $2 to $4 per barrel over the official NUPRC price.
Edwin stressed that these prices are higher than the market prices tracked by platforms such as Platts and Argus, and urged DIL to refer the matter to NUPRC.
Edwin called on the NUPRC to reconsider its pricing policy, stressing that market liquidity is essential to realize fair prices under the willing buyers and sellers model.
Edwin opined that the current gap in domestic crude oil supply commitments should not prevent prudent measures to ensure fair prices and availability.
“We hope NUPRC addresses these pricing issues to prevent price gouging and ensure a transparent and efficient crude supply system,” he explained.

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation
Economy

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

22 hours ago
FG launches initiative to cut overhead cost
Economy

FG launches initiative to cut overhead cost

4 days ago
Grant tax relief to media houses —Ex-NNPCL spokesman tells FG
Economy

Grant tax relief to media houses —Ex-NNPCL spokesman tells FG

6 days ago
Rice farmers blame middlemen for continuous price hike
Economy

Rice farmers blame middlemen for continuous price hike

1 week ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election
National

Declare emergency in Katsina, Zamfara over killings —ADC tells Tinubu

22 hours ago
Benue assembly speaker resigns, suspended lawmaker elected new speaker
National

Benue assembly speaker resigns, suspended lawmaker elected new speaker

22 hours ago
Peter Obi Can Return to PDP Without Wike Obstruction – Jacob Mark
National

PDP NEC to receive zoning report today as convention crisis deepens

22 hours ago
INEC Receives 110 Applications from Associations Seeking Registration as Political Parties Ahead of 2027 Elections(see list)
National

Hitches in by-election results in 12 states spark renewed calls on next INEC Chairman

2 days ago
Tinubu nominates 39-year old Abdullahi Ramat as new NERC Chairman
National

2027: Tinubu will retain seat as President even if new INEC chairman’s son contests – APC

2 days ago
Civil society organisations commend interpol’s rejection of EFCC `wantedʼ declaration of Bashir Haske
National

Civil society organisations commend interpol’s rejection of EFCC `wantedʼ declaration of Bashir Haske

2 days ago

POLITICS

Governors’ political meeting at scene of mass murder insensitive — ADC faults Zamfara PDP meeting

Governors’ political meeting at scene of mass murder insensitive — ADC faults Zamfara PDP meeting

22 hours ago
Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election

No one can hijack Abia ADC won’t succeed – suspended ADC ex-Chair, Obinna

2 days ago
2027: Why Peter Obi may return to PDP

2027: PDP moves to exact deterrent on Osun lawmakers for defecting to APC

5 days ago
Nigeria and Brazil to sign MoU on direct flight

APC-PCC members accuse Tinubu of marginalisation over appointments

7 days ago
Seven Akwa Ibom Lawmakers Defect to APC, Citing Party Divisions

Edo APC demands party secretary’s resignation over alleged marginalisation

7 days ago
INEC can’t conduct free, fair election under Tinubu – Buba Galadima

INEC can’t conduct free, fair election under Tinubu – Buba Galadima

7 days ago

YOUR ECONOMY

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation
Economy

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

22 hours ago
FG launches initiative to cut overhead cost
Economy

FG launches initiative to cut overhead cost

4 days ago
Grant tax relief to media houses —Ex-NNPCL spokesman tells FG
Economy

Grant tax relief to media houses —Ex-NNPCL spokesman tells FG

6 days ago
Rice farmers blame middlemen for continuous price hike
Economy

Rice farmers blame middlemen for continuous price hike

1 week ago
Naira appreciates against dollar on the weekend
Economy

Naira appreciates against dollar on the weekend

1 week ago
Largest shea butter refinery in Africa begins operation in Niger State
Economy

Largest shea butter refinery in Africa begins operation in Niger State

2 weeks ago

E & P

The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
2 days ago
0

The quest to develop sports at the grassroots level in Nigeria necessitated the conversion of Government Sea School, Isaka, in...

KTF Launches Free Youth Tennis Clinic in Port Harcourt

KTF Launches Free Youth Tennis Clinic in Port Harcourt

1 week ago
‘It’s a shame’ – Ex-Newcastle striker, Andy Carroll blasts Isak over transfer move

‘It’s a shame’ – Ex-Newcastle striker, Andy Carroll blasts Isak over transfer move

1 week ago
NPFL Suspends S’Eagles Goalkeeper Over Betting Allegations

NPFL Suspends S’Eagles Goalkeeper Over Betting Allegations

2 weeks ago
CAF Ranking: Rivers United Emerged Top club in Nigeria

CAF Ranking: Rivers United Emerged Top club in Nigeria

2 weeks ago
National Youth Games: NSC  Give Asaba Facilities  Pass Mark, Confirms Date

National Youth Games: NSC  Give Asaba Facilities  Pass Mark, Confirms Date

2 weeks ago

YOUR THOUGHT & HISTORY

The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
2 days ago
Tribute to Old Port Harcourt Boy (Peter Rufai)
Columns

Tribute to Old Port Harcourt Boy (Peter Rufai)

by Tammy Opoki
1 month ago
A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent
Columns

A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent

by Odini Brains
1 month ago
El-Rufai Plans New Party as ADC Backup Against APC Interference
Columns

The Shadow Strategist: El-Rufai, the Illusion of Power, and 2027’s Looming Reckoning

by Odini Brains
2 months ago
Columns

Kidnapped, Silenced, Vindicated: The Full Impact of Kanu’s Judgment

by Odini Brains
2 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

August 25, 2025
Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election

Declare emergency in Katsina, Zamfara over killings —ADC tells Tinubu

August 25, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address