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Dangote refinery reduces petrol ex-depot price to N1,075 per litre
The Dangote Petroleum Refinery has lowered its ex-gantry price for Premium Motor Spirit petrol from N1,125 to N1,075 per litre. This N50 reduction marks the second price cut in seven days and is expected to increase competition in Nigeria's downstream petroleum sector. The refinery has also aligned its coastal loading price to N1,075 per litre, eliminating previous price differentials. A senior official from the refinery, who wished to remain anonymous, stated that this new pricing regime is part of efforts to make products more accessible and competitive. Additionally, the refinery has suspended its 20-member consortium arrangement, opening product loading to all qualified marketers to deepen market access and ensure seamless distribution. This development could lead to lower pump prices at filling stations, especially those sourcing directly from Dangote. The reduction comes amidst increasing competition and the Federal Government's efforts to ensure Nigerians benefit from the deregulated petroleum market. The Minister of State for Petroleum Resources Oil, Heineken Lokpobiri, recently reiterated that market forces, not government directives, would determine fuel prices in a deregulated market, emphasizing that increased domestic refining capacity would lead to more competitive pricing. The Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Federal Competition and Consumer Protection Commission have also advocated for fair competition and transparency i
2 min read
馃嚦馃嚞Punch Nigeria路45 mins ago
Wildfires rage in France, 3,000 people evacuated
Nearly 3,000 people have been evacuated in southern France, and water-bombing planes were deployed to combat wildfires following a record-breaking heatwave last month. A wildfire in Sainte-Marie-la-Mer spread to Canet-en-Roussillon, leading to the evacuation of tourists and local residents, including 1,500 from three campsites. Two firefighters sustained minor injuries. Two hundred firefighters and four water-bombing aircraft are involved in the efforts. Pierre Regnault de La Mothe, the top regional official for Pyrenees-Orientales, stated that a large network of volunteers is being mobilized. France experienced an 11-day heatwave in June with temperatures exceeding 40C, which the World Meteorological Organisation noted increased the risk of wildfires. Interior Minister Laurent Nunez mentioned that 1,200 firefighters have been mobilized since Wednesday to battle forest fires, adding that weather conditions remain unfavorable. Meteo-France predicts another period of elevated temperatures next week, though not as extreme as in June. Some French politicians have criticized the government's response to rising temperatures, with the Greens filing a no-confidence motion.
8 min read
馃嚦馃嚞Punch Nigeria路45 mins ago
Tinubu's reforms position Nigeria as Africa's investment hub, says Minister Bagudu
Abubakar Bagudu, the Minister of Budget and Economic Planning, stated that President Bola Tinubu鈥檚 economic reforms have made Nigeria Africa鈥檚 most appealing investment destination. He highlighted that these reforms have enhanced macroeconomic stability and boosted investor confidence. Bagudu made these remarks during the Third Hamburg Sustainability Conference in Hamburg, Germany, according to a statement from the Ministry of Budget and Economic Planning. The minister emphasized that the reforms have increased Nigeria's attractiveness for long-term investments across various sectors, including infrastructure, energy, agriculture, manufacturing, digital innovation, and climate-resilient development. He reaffirmed the Federal Government's dedication to fostering an environment conducive to sustainable investment through ongoing macroeconomic reforms aimed at restoring investor confidence, strengthening fiscal sustainability, and expanding private sector opportunities. Nigeria plans to deepen international partnerships to mobilize sustainable investment, bolster economic resilience, and accelerate its transition to a competitive, inclusive, and climate-responsive economy. During the conference, Bagudu met with Ms. Claudia Voss, CEO of the German-African Business Association, and senior management from ODDO BHF, a European financial institution. ODDO BHF representatives praised Nigeria's economic reforms, noting the improved investment outlook and increased international investo