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Dangote Refinery Shifts Petrol Supply to July

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Dangote refinery
The Dangote refinery has announced a delay in releasing premium motor spirit (PMS) to the market, moving the anticipated date to July.

The Dangote refinery has announced a delay in releasing premium motor spirit (PMS) to the market, moving the anticipated date to July. This announcement was made by Aliko Dangote, President of Dangote Group, during a tour with Lagos State Governor Babajide Sanwo-Olu. Initially expected this month, the petrol supply will now begin between July 10 and 15 due to minor challenges.

Details from Dangote

Aliko Dangote stated, “We had a bit of delay, but PMS will start coming out by 10 to 15 of July. But then we want to keep it in the tank to make sure that it settles. So by the third week of July, we’ll be able to come out to take it into the market.” The delay has elicited mixed reactions from Nigerians.

Public Reactions

Several Nigerians expressed their opinions on social media:

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  • Anthony Ihenyen (Facebook): He acknowledged the complexity of such a large investment and praised Dangote for his efforts, emphasizing the need for more local investments.
  • Emmanuel Ose: Expressed frustration over the recurring delays, highlighting the difficulties in accessing basic needs in Nigeria.
  • Adeola Orukotan: Criticized the premature announcement of the refinery’s readiness, noting over a year of delays.
  • @ajagunsegun (X): Pointed out the discrepancy between the refinery’s commissioning by former President Buhari in May 2023 and the ongoing delays. He also criticized the government’s handling of the four Nigerian refineries, noting unfulfilled promises by President Tinubu regarding the Port Harcourt refinery.
  • Michael Chibuzo: Urged patience, explaining the complexities involved in refinery operations and the necessity of numerous tests before commercial production.
  • @Selomsarl (X): Thanked Dangote for the update and inquired about the impact of the refinery on current fuel scarcity, pricing, and distribution.

Previous Announcements and Expectations

Last month, Dangote indicated that the refinery would begin selling PMS in June, aiming to end Nigeria’s petrol importation. Speaking at the Africa CEO Forum Annual Summit in Kigali, Rwanda, Dangote expressed optimism about the refinery’s potential to transform Africa’s energy landscape. He mentioned that the refinery would be able to supply sufficient fuel for West and Central Africa, and even export to Brazil and Mexico.

Market Implications

The announcement of the refinery’s operations initially raised hopes among marketers and Nigerians for a significant reduction in petrol prices, from around N700 to potentially N500 or below. The delay has tempered these expectations, with many still hopeful but cautious about the refinery’s impact on fuel prices and availability.

Conclusion

Despite the delay, there remains a sense of anticipation and cautious optimism among Nigerians regarding the Dangote refinery’s potential benefits. The refinery’s ability to commence production and distribution of PMS in July is eagerly awaited, with hopes that it will alleviate fuel scarcity and reduce prices in the Nigerian market.

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.

In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”

Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”

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Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”

The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”

This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.

However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.

With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.

The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.

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Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.

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