Vic News Blog💫

Dangote Refinery, one of Africa’s largest oil refineries, has expressed concern over the lack of patronage from petroleum marketers due to low pricing strategies on its product sales. Devakumar V.G. Edwin, vice president of Dangote Industries Limited, disclosed this on a Twitter Spaces session organised by Nairametrics. He revealed that despite the refinery’s efforts to supply affordable petroleum products, many traders in Nigeria have refused to purchase from the refinery, preferring to continue importing refined products from abroad. Speaking during the session, Edwin highlighted the initial vision behind the establishment of the Dangote Refinery, which was aimed at reducing Nigeria’s reliance on imported petroleum products. “The whole purpose of doing this refinery in Nigeria was to utilize our local crude instead of exporting raw materials and importing finished products,” he explained. “We should be able to refine and use the finished products within Nigeria and produc...

Vice President Kashim Shettima has summoned the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to address the recent hike in pump price of petrol. The meeting, held on behalf of President Bola Tinubu, who is currently on an official visit to China, also included the National Security Adviser, Nuhu Ribadu. The Vice President is meeting with the trio in his office at the State House, Abuja today, Thursday, September 5. NNPCL on Tuesday increased the pump price of petrol from ₦568 to ₦855, ₦897 (depending on the location per litre) amid lingering fuel scarcity and the country’s crisis.