Politics
Marketers Predict Higher Petrol Costs With Dangote Refinery
Marketers Predict Higher Petrol Costs With Dangote Refinery....KINDLY READ THE FULL STORY HERE▶
Nigeria’s oil marketers have suggested that the Dangote Refinery could reduce the price of petrol to between N600 and N650 per liter, depending on its production costs….. CONTINUE READING
Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, made this statement on Monday.
Fashola’s remarks follow reports that the $20 billion refinery may not begin fuel production by mid-August 2024 as previously projected by Aliko Dangote, President of the Dangote Group.
Fashola highlighted that the refinery’s primary challenge is the ongoing crude oil supply crisis. Currently, the official petrol price from the Nigerian National Petroleum Company Limited (NNPC) is N570 per liter, while private depots sell it at N700 per liter.
He emphasized that once Dangote’s fuel becomes available, the price at the pump could potentially drop to between N600 and N650 per liter, depending on the refinery’s production costs.
“The official price from NNPC is about N570 per liter, but private depots sell PMS to most of our members at N700 or more,” Fashola said. “We hope Dangote can offer it at around N600 to N650 per liter. N600 would be acceptable, but it ultimately depends on Dangote’s production costs.”
It is also noteworthy that last week, a dispute arose between the Dangote Refinery and the Nigerian Upstream Petroleum Regulatory Commission regarding the allocation of 26 million barrels of crude.
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