Business

Dangote refinery reduces price of diesel to N1,000

Diesel hits N350/litre, surges by 56% in one year

In an impressive move, Dangote Petroleum Refinery has announced further reduction of the price of diesel from 1200 to 1,000 naira per litre.

While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.

This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.

Recall, Aliko Dangote, on Wednesday, in Lagos, said Nigerians should expect a drop in inflation given the reduction of diesel pump prices by two-thirds.

“In our refinery, we started selling diesel at about ₦1,200 for ₦1,650 and I’m sure as we go along this can help to bring inflation down immediately,” Dangote told journalists after he paid Eid-el-Fitr homage to President Bola Tinubu at his residence.

The businessman said his petroleum refinery had been selling diesel at ₦1,200 per litre, compared to the previous price of ₦1,650 – ₦1,700.

He expressed hopes that Nigeria’s economy will improve, as the naira has made some gains in the foreign exchange market, dropping from ₦1,900/$ to the current level of ₦1,250 – ₦1,300.

Dangote said this rise in value has sparked a gradual drop in the price of locally-produced goods such as rice and flour, as businesses are paying less for diesel.

Therefore, the reduced fuel costs would drive down inflation in the coming months, he asserted.

“I believe that we are on the right track. I believe Nigerians have been patient and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1,900.

“But right now, we’re back to almost ₦1,250, ₦1,300, which is a good reprieve. Quite a lot of commodities went up. When you go to the market, for example, something that we produce locally like flour, people will charge you more. Why? Because they’re paying very high diesel prices.

“Now, in our refinery, we started selling diesel at about ₦1,200 instead of ₦1,650 and I’m sure as we go along, things will continue to improve quite a lot,” Dangote stated.

Business

Dangote Refinery announces first PMS exports to Cameroon

Dangote Refinery and Neptune Oil jointly announced the first-ever export of Premium Motor Spirit, PMS, from Dangote Refinery, Africa’s largest oil refinery, to Cameroon.

The 650,000 barrels per day refinery disclosed this in a statement on Wednesday.

Dangote Refinery said that the feat is the result of a strategic collaboration between the two companies, underscoring their commitment to strengthening economic ties between Nigeria and Cameroon while meeting the region’s growing energy demands.

Reacting, Aliko Dangote, President and CEO of the Dangote Group, noted that the export of PMS to Cameroon is a tangible demonstration of the group’s vision for a united and energy-independent Africa.

“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” he said.

On his part, Antoine Ndzengue, Director and Owner of Neptune Oil, emphasised that the partnership with Dangote Refinery marks a turning point for Cameroon by becoming the first importer of petroleum products from this world-class refinery.

“We are bolstering our country’s energy security and supporting local economic development. This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently,” he stated.

Business

Ekiti Airport gets NCAA’s approval to commence non-scheduled flight operation December 15

Ekiti Agro-Allied International Cargo Airport (EAICA) Ado-Ekiti has received the approval of the Nigeria Civil Aviation Authority (NCAA) to commence non-scheduled flight operation effective December 15th, 2024.

The NCAA, in a letter dated December 11, 2024 and addressed to Ekiti State Governor, Mr. Biodun Oyebanji, said the approval of the non-scheduled operations under Visual Flight Rules (VFR) at the airport is for a period of six months- December 15, 2024 to June 15, 2025.

The letter, which was signed by NCAA Acting Director General Civil Aviation, Capt. Chris Najomo, was in response to the state government’s application for flight operational permit for the airport.

According to NCAA, the approval for a six months non-schedule operation at the airport is to enable the NCAA validate the implementation of the pending findings and to allow Ekiti State Government time to rectify a few outstanding Corrective Action items indicated in the agency’s last inspection report.

As part of compliance steps towards the commencement of the non-scheduled flight operations at the airport, operations are to be in agreement with relevant agencies for provision of essential services, including Air Traffic Services, Aerodrome Rescue and Fire Fighting Services, Aviation Security and Meteorological services.

It will be recalled that the State government had earlier signed MoUs and Service Level Agreements with these federal aviation agencies.

The Government of Ekiti State welcomes NCAA’s approval for the non-scheduled flight operation, which allows private jets and other chartered flights to land and take off from the airport between 6.00am to 6.00pm (or sunrise to sunset), preparatory to the final approval for commercial flight operations.

Most new airports are usually given non-scheduled flight approval to allow them clear audit gaps in their compliance before final approval for flight operational permit.

Governor Biodun Oyebanji describes the NCAA’s approval as a welcome development and a justification for the state’s investment in the airport project, which was designed to boost Ekiti State’s socioeconomic development by making the state more readily accessible.

Governor Oyebanji had earlier in the year assured stakeholders that the Ekiti airport would become operational before the end of the year.

Business

NCAA to punish airline operators for delayed tickets refund

N46bn debt: NCAA threatens to withdraw airlines’ licences

The Nigerian Civil Aviation Authority, NCAA, has expressed its readiness to punish any airlines that delay tickets refund to the passengers.

The Director of Public Affairs and Consumer Protection, NCAA, Michael Achimugu, made this known in a statement on Tuesday in Abuja,.

He said tickets refund compliance regulations remain central to the NCAA’s consumer protection agenda.

According to him, the time had come for airlines to adhere strictly to the refund timelines as failure to comply will attract immediate sanctions under Part 19 of the regulations.

The director said Part 19 of the NCAA Regulations 2023 aimed to safeguard passenger rights.

Speaking on a specific case involving Air Peace, the director stated that the airline had exceeded the stipulated refund timeframe, compelling the NCAA to demand swift compliance.

Achimugu added that the incident has triggered the regulators to take decisive action against any form of non-compliance.

“Cash purchases must be refunded immediately, and by cash. Refunds for electronic payments, including mobile apps and internet banking, must occur within 14 days.

“Over the past year, the NCAA has worked with airlines to enhance passenger experience and resolve operational challenges.

”The Authority has maintained a balanced approach, fostering cooperation between operators and regulators to promote better service delivery.

“Most airlines have been responsive, and the relationship between operators and the NCAA has significantly improved, benefiting passengers across the board,” he said.

Achimugu, however, said that the era of leniency had ended with stricter enforcement measures now in place, adding that airlines that failed to meet the refund timelines outlined in the NCAA Regulations 2023 would face sanctions