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Marketers Will Pay Naira for Dangote Fuel -IPMAN

Aliko Dangote Refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters, oil marketers clarified on Monday. Dealers in the downstream oil sector also stated that the registration process for marketers at the refinery was still ongoing, as many operators had continued to register with the plant. It was further gathered that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority were meeting with the management of the refinery to perfect the pricing template for products produced by the facility. On January 12, 2023, the Dangote Petroleum Refinery announced the commencement of production of Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel. The President, Dangote Group, Aliko Dangote, had in a statement issued by the firm, said, “We have started the production of diesel and aviation fuel, and the products will be in the market within this mon...
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Senate begins debate on PIB next week


STRONG indications emerged yesterday that the Senate will next week commence deliberation on the passage of the controversial Petroleum Industry (Governance) Bill, otherwise known as PIB, that had been on the top burner. According to a source, the PIB will lead other major issues which the Senate will next week pay serious attention to, as part of efforts by senators to reposition the economy. The source said the Bill to be known as Bill for an Act to provide for the Governance and Institutional Framework for the Petroleum Industry and for other related matters, 2016, would be moved for second reading by the chairman of Senate Committee on Petroleum, Upstream, Senator Omotayo Alasoadura, APC, Ondo Central. The PIB, which had been in the National Assembly for almost a decade, has now been broken into different bills to address various aspects of the oil industry. The move to break it down, according to Senate President, Bukola Saraki, is to ensure that the aspects of the old laws not controversial would be quickly passed, while the other areas that required more consultations would come later. Meanwhile, ahead of debate on the PIB, senators from the Niger Delta areas  who had moved for the suspension of the bill some months ago because they  believed that the non-inclusion of the community demands in the first  phase might aggravate the tension in the oil producing areas, have concluded plans to meet next Monday to brainstorm on the resuscitation of the bill. They are also to ensure that the work on its passage moved at a top speed. The plan is to ensure that the PIB was passed before the end of the legislative sitting for 2016. It was also gathered that the Senate will next Wednesday, consider the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, in consonance with the Fiscal Responsibility Act 2007. Also next week, the amendment of the Independent National Electoral Commission, INEC, Act (amendment) Bill 2016, among 24 other bills will be debated. While the report of the committee on INEC will be laid by its chairman, Senator Abu Kyari, on Tuesday, the Senate will deliberate on the report the next day, with a view to taking a decision on amendment of the law setting up and guiding the activities of the commission. The amendment of the INEC Bill may be complemented for the slating of  the Bill for an Act to amend the Electoral Act 2010 and for other Matters connected for second reading, just as the bill is sponsored by Senator Monsurat Sunmonu. The debate on MTEF, which was suspended last week to enable the  lawmakers get necessary information that will enable members have  informed view of the proposed plans, will resume, following the provision of the required details by Ministers of Budget and Planning and Finance.

By vanguardngr

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