• About Us
  • Contact Us
  • Privacy & Policy
Monday, June 2, 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

Speculations over fuel price hike as Dangote stops petrol sale in Naira

Emmanuel Ademola by Emmanuel Ademola
March 21, 2025
in National
Reading Time: 3 mins read
A A
0
Dangote
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram

As the Dangote Petroleum Refinery temporarily suspends the sale of petroleum products in Naira, Nigerians are speculating about a possible rise in the cost of premium energy items like fuel and diesel.

The $20 billion refinery claimed that the value of the naira-denominated crude it received from the NNPCL had been surpassed by the sales of its products in naira.

“This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars,” the company said in a statement on Wednesday.

According to the $20 billion refinery in Lagos, the value of its naira-denominated crude received from the Nigerian National Petroleum Company Limited (NNPCL) has been surpassed by the sales of its products in naira.

“We have to temporarily change our sales currency to match our crude procurement currency as a result,” the business said.

The refinery said it remained committed to serving the Nigerian market and would resume the sale of its product to the local market in Naira as soon as it received crude cargoes from the NNPCL in Naira.

It said that as soon as they receive an allocation of naira-denominated crude cargoes from NNPC, “we will promptly resume petroleum product sales in naira.”

The announcement by the refinery comes amid its price war with the NNPCL.

You may also like: Truck explosion: Six Dead, 14 Vehicles Burnt In Abuja —Police Confirms

In July 2024, the Federal Executive Council (FEC) ordered the NNPCL to sell crude oil to Dangote Refinery and other nearby refineries in naira rather than US dollars in an effort to ease the pressure on the US dollar and ensure the price stability of petroleum goods.

The NNPCL announced at the beginning of March 2025 that its six-month contract with the Dangote Refinery for the sale of oil in Naira was set to expire in March 2025.

However, the state corporation stated that negotiations were underway to replace the deal and that Dangote Refinery has been able to access more than 48 million barrels of crude oil since October 2024 through the Naira-denominated agreement.

The NNPCL also said it had made over 84 million barrels of crude oil available to the private refinery since it commenced operations in 2023.

Nigeria, Africa’s most populous nation, faces energy challenges, with all its state-owned refineries non-operational for decades until 2024. The country was heavily reliant on imported refined petroleum products, with the state-run NNPCL being the major importer of the essential commodities.

Tags: DangoteFuel Price Hike
Emmanuel Ademola

Emmanuel Ademola

Ademola Emmanuel Akadiri is a trained and registered journalist with expertise in political public relations, political branding, media relations, crisis communication, government and media relations. He currently holds a Master's Degree in Mass Communication.

Related Posts

20 Kano athletes die in gastly accident after Sports Festival
National

20 Kano athletes die in gastly accident after Sports Festival

13 hours ago
We need coalition to take back power because of hunger in Nigeria – Rotimi Amaechi
National

We need coalition to take back power because of hunger in Nigeria – Rotimi Amaechi

13 hours ago
Customs seizes 39,425 litres of smuggled petrol
National

Customs seizes 39,425 litres of smuggled petrol

2 days ago
Enugu to prosecute arrested suspected ritualist, Obieze
National

Enugu to prosecute arrested suspected ritualist, Obieze

2 days 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

20 Kano athletes die in gastly accident after Sports Festival
National

20 Kano athletes die in gastly accident after Sports Festival

13 hours ago
We need coalition to take back power because of hunger in Nigeria – Rotimi Amaechi
National

We need coalition to take back power because of hunger in Nigeria – Rotimi Amaechi

13 hours ago
Customs seizes 39,425 litres of smuggled petrol
National

Customs seizes 39,425 litres of smuggled petrol

2 days ago
Enugu to prosecute arrested suspected ritualist, Obieze
National

Enugu to prosecute arrested suspected ritualist, Obieze

2 days ago
Two years in office anniversary: Tinubu praise Nigerians’ endurance of terrible hardship
National

Two years in office anniversary: Tinubu praise Nigerians’ endurance of terrible hardship

3 days ago
Constituency Allowance: Legislative Member Rekindles Debate,  Admits Senators, House Members Receives N2b, N1b
National

Senators link increasing insecurity to 2027 elections

3 days ago

POLITICS

More defections: Rep dumps PDP for APC, urges support for Gov Otu, Tinubu

More defections: Rep dumps PDP for APC, urges support for Gov Otu, Tinubu

2 days ago
PDP Crisis: BoT urges forgiveness, dialogue and unity

PDP Crisis: BoT urges forgiveness, dialogue and unity

5 days ago
Tinubu receiving performance based endorsement – Top APC Chieftain

Tinubu receiving performance based endorsement – Top APC Chieftain

5 days ago
​​Coalition Saga: Atiku Ignores Adeleke In Osun, Draws Battle Line With PDP Govs. 

​​Coalition Saga: Atiku Ignores Adeleke In Osun, Draws Battle Line With PDP Govs. 

5 days ago
Gov Adeleke’s defection rumours to APC gain traction as David visits Tinubu

Gov Adeleke’s defection rumours to APC gain traction as David visits Tinubu

6 days ago

2027: Atiku, PDP Mocks Tinubu’s Endorsements, Describes It As Fake

7 days ago

YOUR ECONOMY

Development bank disbursed N1 trillion to MSMEs – MD
Economy

Development bank disbursed N1 trillion to MSMEs – MD

14 hours ago
Becoming AfDB president greatest honour of my life – Adesina
Economy

Becoming AfDB president greatest honour of my life – Adesina

6 days ago
Dangote Refinery Drops Pump Prices Again with a Price Range between 875 and ₦905 Nationwide
Economy

Dangote Refinery Drops Pump Prices Again with a Price Range between 875 and ₦905 Nationwide

1 week ago
Fidelity Bankruptcy Scare: Banking sector is stable, says CBN
Economy

Fidelity Bankruptcy Scare: Banking sector is stable, says CBN

2 weeks ago
Nigeria committed to deepening trade with U.S, says Envoy
Economy

Nigeria committed to deepening trade with U.S, says Envoy

2 weeks ago
Naira ends week on positive note against dollar
Economy

Naira ends week on positive note against dollar

2 weeks ago

E & P

Gov Adeleke’s defection rumours to APC gain traction as David visits Tinubu
Entertainment

Gov Adeleke’s defection rumours to APC gain traction as David visits Tinubu

by Steven Atogi
6 days ago
0

David ‘Davido’ Adeleke, the popular musician and Afrobeat start paid a surprising visit to President Bola Tinubu amid growing speculation...

Dramatic Ending In Premier league Last Fixture As Man City, Chelsea, Newcastle Secure Champions League Slot. Deal.

Dramatic Ending In Premier league Last Fixture As Man City, Chelsea, Newcastle Secure Champions League Slot. Deal.

7 days ago

Awoniyi speaks after life threatening surgery, admits current season the most difficult 

2 weeks ago
Super Eagles Star Striker, Taiwo Awoniyi Out Of Coma – Media Sources

Super Eagles Star Striker, Taiwo Awoniyi Out Of Coma – Media Sources

3 weeks ago
Awoniyi Rushed To Hospital For Abdominal Surgery After Goal Post Collision 

Awoniyi Rushed To Hospital For Abdominal Surgery After Goal Post Collision 

3 weeks ago
11th AMVCA: Femi Adebayo’s ‘Seven Doors’ Sweeps  Top Honours

11th AMVCA: Femi Adebayo’s ‘Seven Doors’ Sweeps  Top Honours

3 weeks ago

YOUR THOUGHT & HISTORY

ON THE PUBLIC NUISANCE CALLED SOWORE
Opinion

ON THE PUBLIC NUISANCE CALLED SOWORE

by Kiikpoye Karibo
3 months ago
Data Visualizations
Columns

Five Key Considerations for Creating Effective Data Visualizations

by Blessing Chinyere Daniel
5 months ago
The Transformative Power of AI in Revolutionizing Industries and Empowering Growth
Columns

The Transformative Power of AI in Revolutionizing Industries and Empowering Growth

by Blessing Chinyere Daniel
6 months ago
Navigating the Turbulent Terrain of Entrepreneurship: The Power of Tenacity, Growth Mind-set, and Grit
Columns

Navigating the Turbulent Terrain of Entrepreneurship: The Power of Tenacity, Growth Mind-set, and Grit

by Uloma Harrison-Ikenwanze
6 months ago
The Power of Data in Today’s World
Columns

The Power of Data in Today’s World

by Blessing Chinyere Daniel
6 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

Recent News

20 Kano athletes die in gastly accident after Sports Festival

20 Kano athletes die in gastly accident after Sports Festival

June 1, 2025
We need coalition to take back power because of hunger in Nigeria – Rotimi Amaechi

We need coalition to take back power because of hunger in Nigeria – Rotimi Amaechi

June 1, 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