Petrol Price Crash
Nigeria’s oil marketers have said that Dangote Refinery may crash the price of petrol to between N600 – N650 per liter depending on its production cost.
The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola disclosed this in a statement on Monday.
His comment comes amid indications that the $20 billion refinery will no longer commence fuel production in mid-August 2024 contrary to the president of Dangote Group, Aliko Dangote’s earlier projection.
Speaking on the development, Fashola said crude oil supply crisis remains a major problem for the Lagos-based refinery.
According to him, the official petrol price from the Nigerian National Petroleum Company Limited stood at N570 per litre while private depots sell at N700 per litre.
He, however, stressed that when Dangote’s fuel comes on board, the pump price may crash to N600 or N650 per liter.
“The official price from the NNPC is around N570/liter, but the third parties, the private depots sell PMS to most of our members at N700 and above
“Plus or minus, we hope Dangote can sell between N600 and N650/liter. N600 is still okay. However, it depends on the cost of the production from Dangote’s end”, he said.
Recall that last week, the Dangote Refinery and the Nigerian Upstream Petroleum Regulatory Commission engaged in a war of words over 26 million barrels of crude allocation.
