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NNPC releases PMS prices to counter Dangote Refinery denial

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NNPC releases PMS prices to counter Dangote Refinery denial, According to NNPC Ltd., the prices are based on September 2024 pricing.

Olufemi Soneye, the Chief Corporate Communications Officer at NNPC Ltd. made this known on Monday.

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This followed a denial by Dangote Refinery on Sunday after the NNPC Ltd.’s initial disclosure of the ₦898 pump price obtained from the refinery.

The News Agency of Nigeria (NAN) reports that the Dangote Refinery commenced the first loading of PMS at its facility in the Ibeju-Lekki area of Lagos State on Sunday.

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The Refinery had on Sunday described the disclosure made by the NNPC Ltd. as ‘misleading and mischievous’ aimed at undermining the milestone achievement recorded by the refinery in addressing Nigeria’s energy insufficiency.

Dangote Refinery’s Group Chief Branding and Communications Officer, Anthony Chiejina had in a statement urged Nigerians to disregard NNPC Ltd.’s statement and await a formal announcement on the pricing by the Technical Sub-committee on Naira-based crude sales to local refineries on October 1.

Chiejina, while failing to tell Nigerians the price at which the refinery sold its fuel to the NNPC Ltd., said its current crude stock was procured in dollars and sold to the NNPC Ltd. in dollars with a lot of savings against current imports.

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Reacting to this, the NNPC Ltd.’s Spokesperson said in line with the provisions of the Petroleum Industry Act (PIA), PMS prices were not set by the government but negotiated directly between parties on an arms-length.

“The NNPC Ltd. can confirm that it is paying Dangote Refinery in United States Dollars (USD) for September 2024 PMS offtake, as Naira transactions will only commence on Oct. 1, 2024.

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“The NNPC Ltd. assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.

“Attached to this statement are the estimated pump prices of PMS obtained from the Dangote Refinery across NNPC Retail Stations in the country, based on Sept. 2024 pricing,” the spokesperson said.

Based on the estimated PMS pump prices document, ₦950.22 is shown as the estimated pump price in Lagos of fuel sources from the Dangote Refinery, indicating selling price at NNPC’s retail stations in other states will be higher as transport costs will be factored in.

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The estimated price document also revealed that NNPC Ltd. paid the refinery ₦898.78 per litre for PMS. At the same time, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee is ₦8.99 and the inspection fee is ₦0.97.

It also showed that the distribution cost (Lagos) is ₦15, while the ‘margin’ is ₦26.48.

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Benefits of Investing in Nigeria’s Creative Industry: Arts, Music & Fashion

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These creative fields offer opportunities for growth while preserving local culture and supporting community development. Local artists and designers are reaching wider audiences both at home and abroad. Investment in these areas can generate jobs, support small businesses, and improve the economy.

By providing funds and resources, investors help improve production, marketing, and distribution. Embracing digital platforms and collaborative initiatives further enhances the potential for sustainable success and long-term value creation for all involved.

This promising trend benefits communities widely. Investors and stakeholders are urged to seize opportunities.

ALSO READ: How the Nigerian fashion industry is galvanising the gender fluidity movement

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  • Cultural and Economic Impact

    Investments in the creative sectors support local talent and build a stable economic base. Funding arts, music, and fashion helps develop production skills and creates employment throughout the supply chain. This support strengthens community engagement and provides reliable income for small businesses and individual creators.

  • Market Expansion and Global Reach

    Local creative products are increasingly attracting interest beyond domestic borders. With appropriate investment, artists and designers can expand their operations and access international distribution channels. This market expansion increases revenue potential and positions these sectors as steady contributors to national export earnings.

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  • Innovation and Digital Integration

    Adopting digital tools modernizes creative industries and improves efficiency. Online sales, social media engagement, and digital marketing enable creators to reach larger audiences while reducing costs. Investment in digital platforms supports effective management of production and distribution, making creative works more accessible to a wider customer base.

EXPLORE: Top African countries with the highest revenue from their music

  • Infrastructure and Public-Private Support

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    Strengthening both physical and digital infrastructure is essential for the growth of creative sectors. Collaborative efforts between government and private investors can provide training, modern workspaces, and technology upgrades. Improved infrastructure enables creative professionals to enhance their skills, streamline production, and compete more effectively in local and international markets.

  • Cultural Preservation and Economic Resilience

    Investing in arts, music, and fashion not only helps preserve cultural traditions but also promotes economic stability. Supporting indigenous creative practices encourages sustainable growth and diversifies income sources. This approach benefits local communities and contributes to a more resilient economy.

Overall, investment in Nigeria’s creative sectors offers practical benefits for both investors and communities. By improving production capabilities, expanding market reach, and preserving cultural heritage, stakeholders can achieve steady economic growth while supporting social development.

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RECOMMENDED: 6 creative ways emerging artists can use AI


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Five things to know to start your Friday

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US judges ordered Trump to reinstate thousands of fired workers Federal judges in California and Maryland have ordered President Donald

read more Five things to know to start your Friday


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MSport Elevates the Game: The Biggest and Best Betting Brand Teams Up with Chelsea & BVB for an Unforgettable TVC!

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MSport joins forces with Chelsea and Borussia Dortmund (BVB) to unleash a breathtaking new TVC that is set to redefine sports entertainment and captivate football fans worldwide. This high-energy campaign showcases the passion, intensity, and thrill of the game, bringing together two of Europe’s football giants with MSport’s cutting-edge betting experience. 

As one of the biggest and best online betting Websites in Nigeria, MSport continuously pushes boundaries to deliver unparalleled excitement to sports bettors. This latest TVC reflects MSport’s commitment to excellence, reinforcing its market leadership while celebrating the electrifying connection between football and betting.

Get ready for an unforgettable experience as this powerful collaboration delivers unmatched excitement, heart-pounding action, and an immersive storytelling journey. From iconic stadium moments to electrifying fan celebrations, this TVC is more than just an Turo247newz.com—it’s a tribute to the spirit of football and the adrenaline-fueled world of sports betting.

Brace yourself—something extraordinary is coming! Join the conversation with #MSportTVCWinBig and predict #WhoisMShola? to be part of the excitement. Both #MSportTVCWinBig and #WhoisMShola? have taken X by storm, skyrocketing to the top trends and securing spots in the top 2!

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MSport: One of the Biggest and Best Betting Websites in Nigeria

As one of the largest and most trusted sports betting Websites in Nigeria, MSport has built a reputation for innovation, reliability, and top-tier user experience. Owned by Mobile Sport Group, MSport operates under a fully licensed and regulated framework, ensuring a secure and responsible betting environment for its rapidly expanding user base.

MSport’s strategic partnerships with Chelsea and Borussia Dortmund further establish its reputation as one of the biggest and best betting brands in the industry. These collaborations emphasize MSport’s global credibility, positioning it among the top online betting Websites in Nigeria.

Key Factors That Set MSport Apart

  • Regulated & Secure: Licensed under the National Lottery Regulatory Commission (NLRC) in Nigeria, ensuring fair and responsible gaming.

  • Comprehensive Betting Options: A wide range of markets, including sports betting, virtual sports, and casino games.

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  • Market-Leading Promotions: Exclusive rewards such as Accumulator Bonuses and Aviator Game incentives, designed to maximize user engagement.

  • MSport’s only official website: www.msport.com

With its cutting-edge technology, superior odds, and unwavering commitment to responsible gaming, MSport continues to set new benchmarks in the online betting industry, solidifying its position as one of the biggest and best sports betting Websites in Nigeria.

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MSport’s Accumulator Bonus is one of the most lucrative betting features available, providing players with more opportunities to win big. As one of the biggest and best online betting Websites, MSport ensures that users get maximum value for every wager placed.

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Exclusive: Virtual EPL bettors can receive up to a 55% bonus on their first 10 virtual games.

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This game-changing promotion gives players a competitive edge, making every bet more rewarding. MSport continues to set the standard for top-tier promotions, proving why it is one of the biggest and best online betting Websites in Nigeria.

Start betting today and claim your bonuses at MSport’s Official Website!

MSport Aviator – High-Stakes Action with Real-Time Rewards

For those looking for fast-paced, high-stakes gaming, MSport Aviator offers one of the most exciting betting experiences available today. As one of the biggest and best betting Websites in Nigeria, MSport brings players thrilling gameplay with real-time multiplier betting and instant cash-out options.

  • Daily Random Rain: Win up to ₦1,000,000 in free bets through surprise reward drops.

  • Lucky Rain Forecast: Every hour, players have a chance to win a random free bet amount, keeping the excitement going.

  • Friday Aviator Rebate: Bettors share in a ₦1,500,000 prize pool every Friday.

The Aviator game is a prime example of MSport’s innovation in online betting, offering players unrivalled opportunities to win big. This cutting-edge feature makes MSport stand out as one of the biggest and best online betting Websites in the industry.

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Use #MSportTVCWinBig to share your best wins and experiences with MSport Aviator and keep soaring to victory!

MSport, Chelsea & Borussia Dortmund: A Winning Alliance

Through its partnerships with Chelsea Football Club and Borussia Dortmund, MSport reaffirms its position as one of the biggest and best online betting platforms in Nigeria. These collaborations strengthen MSport’s global presence, reflecting its commitment to excellence, innovation, and delivering a top-tier betting experience.

As MSport continues to push boundaries in the industry, its dedication to providing secure, rewarding, and action-packed gaming remains unwavering.

MSport – More Than Sport.

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