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Energy Group Knocks PETROAN, Accuses Marketers of Sabotaging Petroleum Sector Reforms

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Energy Group Knocks PETROAN, Accuses Marketers of Sabotaging Petroleum Sector Reforms

Energy Group Knocks PETROAN, Accuses Marketers of Sabotaging Petroleum Sector Reforms

 

The Centre for Oil Sector Accountability and Reform (COSAR) has dismissed claims by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) that Dangote Refinery’s business model poses a threat to competition and employment in the downstream petroleum sector.

 

Energy Group Knocks PETROAN, Accuses Marketers of Sabotaging Petroleum Sector Reforms

 

In a detailed statement issued on Monday by Dr Raymond Osaremen Okojie, president of COSAR, the group said PETROAN’s criticisms of the refinery’s adoption of a forward integration strategy and its planned use of a private sector equalization system reflect a fundamental misunderstanding of free-market economics.

 

“The recent statement credited to PETROAN on the impact of the introduction of a private equalization fund betrays the very ethos of running a free market,” Dr Okojie said.

 

“What Dangote is offering is a private sector equivalent of the petroleum equalization fund that was established in 1975 by General Yakubu Gowon, amended in 1989 by General IBB, and modified into bridging allowances in 2021.”

 

He explained that the refinery’s pricing model will foster uniformity in fuel pricing across the country, enabling better inflation tracking and more accurate determination of fuel consumption.

 

“This equalization fund will not only create a uniform pricing regime for PMS across Nigeria, which will help the NBS model the CPI basket for inflation for the share contributed by the energy basket, it will help the government find a forward curve for the actual daily consumption numbers that the government has struggled with discovering for over 40 years,” he said.

 

Okojie dismissed claims that Dangote Refinery would drive modular refineries out of business, insisting that no competition currently exists between them in the production of Premium Motor Spirit (PMS).

 

“The Dangote Refinery is not in competition with modular refineries because modular refineries do not produce PMS. As we speak, none of the modular refineries are able to produce PMS because they lack a catalytic converter or a catalytic reforming unit to process higher distillates like PMS,” he said.

 

On the question of job displacement, the group countered PETROAN’s assertions, arguing that the refinery will create more employment opportunities than it threatens.

 

“Dangote is going to employ 4,000 truck drivers and mechanics, and deploy mother stations for compressed natural gas under the government’s gas-to-transport initiative for engines with displacement of more than 2,000 CC,” Okojie said.

 

“Those 4,000 jobs and all the supporting redundancies will not only create employment, it will also reduce the carbon footprints that are emitted from carbon monoxide gases when fossil fuel trucks are fired for transportation.”

 

He added that the model presents unique advantages for filling station operators.

 

“This is to the benefit of station owners, because not only do they get lifted of the burden of assuming haulage risks and costs from Dangote delivering to them Cost, Insurance and Freight (CIF), they also have a financing window from the refiner. There’s nowhere in the world where a refiner offers downstream station owners credit facility to take products,” he declared.

 

Okojie accused elements in the current supply chain of resisting change in order to protect vested interests that have long exploited inefficiencies in the downstream petroleum sector.

 

“The lobby complaining are people not interested in serving the needs of Nigerians, but layering systems cost from landing to distribution,” he said.

 

“For decades, we have seen cartels emerge from offshore blending plants, to shipping tanker owners, to depot owners, to truck drivers, that have fixed the price of white transportation fuels, delivered sub-par standard products for Nigerians, violated the provisions of the PIA, falsified landing numbers to justify the lifting of the crude oil feedstock used for swaps, and falsified the daily consumption numbers.”

 

He maintained that the emergence of a well-capitalised local refiner signals the end of an era of arbitrage, unaccountable supply practices, and fuel subsidies built on opaque numbers.

 

“The marketers have a choice to either fall in line with the evolution of the markets or form a consortium and contribute their offshore savings towards building their own refinery to compete. The era of swaps, arbitrage, layering of systems costs is gone — welcome to capitalism.”

 

Dangote Refinery, Africa’s largest, has a refining capacity of 650,000 barrels per day and is expected to supply Nigeria’s domestic fuel needs while exporting excess products.

 

Its direct delivery model and investment in gas-powered logistics infrastructure mark a shift toward vertically integrated fuel supply chains.

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Divorce Showdown: Yul and May Edochie’s Legal Battle Intensifies as Court Orders Further Talks

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Divorce Showdown: Yul and May Edochie’s Legal Battle Intensifies as Court Orders Further Talks

The divorce saga between Nollywood star Yul Edochie and his estranged wife, May Edochie, has taken a new turn as their lawyer, Emeka Ugwuonye, shares fresh updates on the high-profile case.

In a dramatic legal development, the court held a compulsory conference as mandated by Nigerian family law. This legal process requires both parties to engage in discussions, along with their lawyers, in an attempt to resolve at least some of the contested issues before the court.

Ugwuonye, in a Facebook post, provided a detailed breakdown of the proceedings:

 

DPA UPDATE ON THE DIVORCE CASE OF MARY YUL-EDOCHIE V. YUL EDOCHIE AND UCHECHUKWU JUDITH MUOGHALU (JUDY AUSTIN)

“The court held a hearing on the case today. The issue before the court was the report of the compulsory conference previously ordered by the judge.

A compulsory or mandatory conference is a requirement in family law proceedings under Nigerian law. It provides an opportunity for the divorcing parties to discuss and attempt to reach agreements on certain aspects of their separation, such as property division and other contested matters. Any agreements reached are then conveyed to the court through a formal report.

However, in the last court session, it was revealed that no conclusive agreement had been reached between Yul and May Edochie. As a result, the court extended the timeframe for further discussions, granting them more time to hold another virtual conference.

The court expects to receive an updated report during the next hearing scheduled for March. If the parties continue to disagree, the court will then decide the direction of the trial.

This latest update comes as May Edochie continues to push for legal resolution regarding her marriage, while Judy Austin’s involvement in the case remains a key point of contention. She stands accused of committing adultery with Yul Edochie and falsely claiming to be married to him despite his legal ineligibility for a second marriage.

With tensions running high, all eyes are now on the next court date to see whether the estranged couple will reach any form of settlement or if the case will escalate into a full-blown courtroom battle.

Stay tuned for more updates on this unfolding legal drama.

Divorce Showdown: Yul and May Edochie’s Legal Battle Intensifies as Court Orders Further Talks

 

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Drama and Redemption: Carolyna Hutchings Publicly Apologizes to Laura Ikeji on Real Housewives of Lagos

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Drama and Redemption: Carolyna Hutchings Publicly Apologizes to Laura Ikeji on Real Housewives of Lagos

Drama and Redemption: Carolyna Hutchings Publicly Apologizes to Laura Ikeji on Real Housewives of Lagos

Scottish-Nigerian actress and reality TV star Carolyna Hutchings has finally extended an apology to her fellow castmate, Laura Ikeji, in the ongoing season of The Real Housewives of Lagos, marking a dramatic turn in their long-standing feud.

Fans of the show will recall that Carolyna and Laura engaged in a fiery altercation during Season One, exchanging harsh words and insults. The intense clash led many viewers to believe that Carolyna had bullied Laura, who was reportedly pregnant at the time.

However, in a surprising twist in Episode Two of the latest Season Three, Carolyna took accountability for her past actions and expressed regret over the hurtful words she used against Laura. In an emotional moment, she publicly apologized for a rumor she had previously weaponized against her colleague.

“I heard an unflattering rumor about Laura, and I used it to abuse her, and I’m sorry. I made a statement that I wasn’t in a position to make. It didn’t matter if I heard it, saw it, or was told by a close friend; regardless, I wasn’t supposed to say that,” Carolyna confessed.

The apology has sparked mixed reactions among fans, with some applauding Carolyna’s maturity and growth, while others remain skeptical about the sincerity of her gesture. The unexpected reconciliation adds another layer of intrigue to the already drama-packed reality series.

With tensions seemingly easing between the two stars, viewers are left wondering if this marks the beginning of a new friendship or just a temporary truce. As The Real Housewives of Lagos unfolds, fans are eagerly watching to see how this newfound peace will impact the show’s ever-evolving dynamics.

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Wizkid Flaunts Luxury Again: Acquires Ferrari 296 GTS After N1.4 Billion McLaren

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Wizkid Flaunts Luxury Again: Acquires Ferrari 296 GTS After N1.4 Billion McLaren

Renowned Afrobeats sensation, Ayodeji Ibrahim Balogun, popularly known as Wizkid, has once again demonstrated his love for luxury with the acquisition of a brand-new Ferrari 296 GTS. This latest purchase further cements his status as one of Afrobeats’ most extravagant stars.

Wizkid Flaunts Luxury Again: Acquires Ferrari 296 GTS After N1.4 Billion McLaren

This acquisition comes shortly after Wizkid purchased a 2024 McLaren 750S, reportedly worth a staggering 1.4 billion naira. A recently surfaced video showcases the Ferrari being carefully driven down a ramp, giving fans a first glimpse of its striking red exterior.

 

The footage of Wizkid’s latest luxury ride has set social media abuzz, with fans and industry colleagues flooding him with congratulatory messages. Reports indicate that the Ferrari 296 GTS was purchased from the automobile brand Polcano and is valued at over 1.4 billion naira.

 

Wizkid’s taste for high-end automobiles is well-documented. In 2024, he also made headlines when he gifted his sister, Yetunde, a Range Rover worth 250 million naira as a festive season surprise.

 

With each new acquisition, Wizkid continues to showcase his success and love for luxury, solidifying his place among the elite in the entertainment industry.

 

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