DANGOTE REFINERY TO SUPPLY 60 MILLION LITRES OF PETROL WEEKLY TO IPMAN TO BOOST CRUDE IMPORTS. (PHOTO).

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 Dangote Refinery To Supply 60 Million Litres Of Petrol Weekly To IPMAN To Boost Crude Imports The Dangote Petroleum Refinery has reached an agreement to supply 60 million litres of Premium Motor Spirit (PMS) to the Independent Petroleum Marketers Association of Nigeria (IPMAN) on a weekly basis, which translates to 240 million litres per month. This comes as the $20bn Lekki-based refinery seeks to raise billions of dollars to import crude oil and increase production to reach its full capacity of 650,000 barrels per day. IPMAN National Publicity Secretary, Chinedu Ukadike, confirmed that the association is finalizing discussions with Dangote and expects to start lifting PMS from the refinery before the end of November. The agreement has already led to a drop in petrol prices by N10 to N15 due to increased competition in the downstream sector following deregulation. In the past 42 days, the Nigerian National Petroleum Company Limited (NNPC) and other marketers have imported over two bil
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YESTERDAY I SPENT N100K ON FUEL- OSITA CHIDOKA. (PHOTO).

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 Yesterday, I spent ₦100,000 on fuel, nearly filling the tank of a Lexus 460 jeep. At ₦1,140 per litre, I realised this amount is ₦30,000 higher than Nigeria's ₦70,000 minimum wage. 


A minimum wage earner in Nigeria, working 8 hours a day for 20 days a month, earns approximately ₦437.5 per hour. It takes 2.6 hours of work to afford a litre of petrol. 


A young graduate earning ₦150,000 monthly requires 1.2 hours of work to purchase a litre. 


In comparison: 


Egypt: Fuel costs ₦443 per litre, and the monthly minimum wage is ₦202,400 (₦1,265 per hour). It takes 21 minutes of work to buy a litre. 


South Africa: Fuel is ₦2,480 per litre, and the minimum wage is ₦395,824 (₦2,320 per hour). It takes 1 hour and 4 minutes to buy a litre.


In Nigeria, a minimum wage earner needs 2.6 hours to buy a litre of fuel, compared to 21 minutes in Egypt and 1 hour and 4 minutes in South Africa. 


My take: Fuel prices in Nigeria may not be high by global standards, but it appears incomes are too low to sustain meaningful consumption. It’s time to rethink our economic growth and production strategies. 


*used ₦1600 as exchange rate 


Osita Chidoka

12 October 2024

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