Marketers share insights on the expected decrease in fuel prices with the commencement of operations at the Dangote Refinery
In response to the commencement of operations at the Dangote Refinery, oil marketers are anticipating a potential reduction in the prices of fuel products. Last Friday, the Dangote refinery announced the start of production, with plans to seek Federal Government approval for the supply of diesel and aviation fuel in the domestic market.
President of the Petroleum Products Retail Outlets Owners Association (PETROAN), Billy Gillis-Harry, expressed optimism that the Dangote refinery’s operation using crude oil for domestic consumption could positively impact the cost of refined products. However, he noted uncertainties about the pricing details. Abubakar Maigandi, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), mentioned that the price of Dangote refinery’s petroleum products would be determined once their members start loading them.
Clement Isong, the Executive Secretary/Chief Executive Officer of the Major Oil Marketers Association of Nigeria (MOMAN), acknowledged the potential savings in freight but emphasized that the major cost is the raw material (crude oil). He expressed skepticism about a significant price drop, particularly not expecting a decrease to N400.
Source:
DAILYPOST
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