Nigerian petroleum dealers have expressed worry to President Bola Tinubu on the declining cost of Dangote Refinery fuel, which has dropped to N900 per liter. According to Daily Trust, during a Nairametrics-hosted Twitter Spaces session, Devakumar Edwin, Vice President of Dangote Industries Limited, revealed that this decline is apparently having a detrimental impact on their enterprises.CONTINUE FULL READING>>>>>
“Petroleum product marketers in Nigeria have written to President Bola Tinubu to complain that the refinery local prices, which have dropped from N1,200 to N1,000 and now N900 per litre are impacting their businesses negatively,” Edwin stated.
Edwin explained the challenges Dangote Refinery faces, noting that it struggles to sell about 29 tankers of diesel daily due to low demand from local importers. As a result, much of its diesel and aviation fuel is exported.
He also mentioned that unless the Nigerian National Petroleum Company (NNPC) and other petroleum dealers increase their patronage, the refinery will continue exporting its products.
“We have been exporting aviation fuel; we have been producing kerosene; we have been producing diesel; but yesterday, we started the production of PMS… The only thing now left out is petrochemicals.”
Asked if the petrol would be sold locally, Edwin responded that efforts to distribute the products locally have been hindered. “The traders have been trying to block it, and so now we have been exporting our petroleum products.”
Edwin also expressed frustration at the challenges in securing crude oil locally, forcing the refinery to import crude from countries like the U.S. and Brazil.
He lamented that Nigeria continues to export crude oil while importing refined products, despite efforts to change this. The Dangote Refinery, with a capacity of 650,000 barrels per day, began exporting various fuels, including diesel and jet fuel, in 2024.CONTINUE FULL READING>>>>>
