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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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NIMASA to review 3% freight benchmark  

Dakuku Peterside, Director-General,NIMASA on Freight Benchmark

By nan

The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr, has inaugurated a committee to review the parameters for charging three per cent freight benchmark, currently collected by the agency.

According to the Head, Corporate Communications Team of NIMASA, Hajia Lami Tumaka, Peterside said that the vision of the agency was to advance Nigeria’s global maritime interests.

He said, “The inauguration of the committee is coming on the heels of a recent visit to the agency by the Shipping Association of Nigeria.”

The director-general said the association was an assemblage of the major shipping companies operating in the country, who expressed concern over the current benchmark freight rate used in the industry.

The shipping companies had argued that the benchmark did not represent three per cent of the freight.

The representatives of the companies argued that if it is calculated, using some other parameters, it will be discovered that the shipping companies were being charged more than what they should pay.

“As an organisation that is sensitive, we acknowledge that our actions have overall impact on businesses and our function as a regulatory agency is not to stifle business but to encourage businesses, promote shipping and support both indigenous entrepreneurs and those who do business in our country.

“Also, our ultimate objective is to create the enabling environment for the industry to thrive, not for us to kill the industry.

“We realise that there must be a meeting point between practitioners in the industry and those of us who are on the regulatory side.

“It is on that basis that we decided to assemble a team of stakeholders; a mixed team made up of practitioners in the industry.

“Other regulators and other stakeholders to come together to advise us on what should constitute our benchmark,” NAN quotes the director-general as saying.

Peterside, however, urged the committee to let the overall national interest guide their decisions, adding that “not how much money that will come to the coffers of NIMASA and to them as businessmen’’.

“Let us be guided by the national interest of our country and the interest of the industry where we are all practising.

“Things we must do must be in line with global best practices, so that we will remain competitive,’’ NAN quotes him as saying.

The committee has six weeks to submit its recommendations, which will be studied by the Management of NIMASA and thereafter forwarded to the Minister of Transportation, Mr Rotimi Amaechi in line with Section 5, Sub (1) of the NIMASA Act, 2007 for further action.

 

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