Nigeria’s oil marketers have suggested that the Dangote Refinery could potentially reduce the price of petrol to between N600 to N650 per liter, based on its production costs.
Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, made this statement on Monday.
This announcement comes as there are indications that the $20 billion refinery may delay the commencement of fuel production, contrary to earlier projections by Aliko Dangote, the president of Dangote Group.
Fashola highlighted that the ongoing crude oil supply challenges are a significant issue for the Lagos-based refinery. He noted that the official petrol price set by the Nigerian National Petroleum Company Limited is N570 per liter, while private depots are selling at N700 per liter.
Fashola expressed optimism that when Dangote Refinery starts producing fuel, it could lead to a reduction in pump prices to between N600 and N650 per liter.
He mentioned that N600 per liter would still be acceptable to consumers but emphasized that the ultimate price would depend on Dangote’s production costs.
There was a recent conflict between Dangote Refinery and the Nigerian Upstream Petroleum Regulatory Commission over the allocation of 26 million barrels of crude oil.
DNews Info is a trusted source for breaking news, insightful commentary, and in-depth coverage of events across Nigeria and beyond. With a commitment to delivering accurate, timely, and engaging stories, we aim to keep our readers informed and empowered. Stay connected for the latest updates in politics, business, entertainment, and more.
Discover more from DnewsInfo
Subscribe to get the latest posts sent to your email.
