Business
Marketers Forecast Petrol Price Drop to N600-N650 per Liter with Dangote Refinery
Nigeria’s oil marketers have projected that the price of petrol could decrease to between N600 and N650 per liter once the Dangote Refinery begins operations, depending on the production costs.
Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, shared this forecast in a statement on Monday.
Fashola’s remarks come amid recent updates indicating that the $20 billion Dangote Refinery might not commence fuel production as anticipated in mid-August 2024, contrary to previous statements from Aliko Dangote, the president of Dangote Group.
Fashola highlighted that the refinery is currently facing challenges with crude oil supply, which remains a significant issue for the Lagos-based facility.
Presently, the official price of petrol from the Nigerian National Petroleum Company Limited (NNPCL) is around N570 per liter, while private depots are selling at approximately N700 per liter.
He expressed optimism that once Dangote’s refinery is operational, it could potentially reduce the pump price to between N600 and N650 per liter, although the exact price will depend on the refinery’s production costs.
“While the official rate from NNPC is around N570 per liter, private depots are charging much higher at around N700 per liter.
We are hopeful that Dangote’s fuel will be priced between N600 and N650 per liter, with N600 being a reasonable expectation, depending on their production costs,” Fashola noted.
Additionally, last week saw a dispute between the Dangote Refinery and the Nigerian Upstream Petroleum Regulatory Commission over the allocation of 26 million barrels of crude oil, highlighting ongoing tensions in the sector.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
It can be reported that following Aliko Dangote’s investment opportunity, some investment platforms are experiencing huge traffic, causing their platforms to become slow and go down.
Two platforms openly announced their issues. Bamboo said “Hey everyone, we’re getting a much higher than expected traffic trying to get into the Dangote IPO and it’s making it difficult for some users to log into the Bamboo app. We’re working on a fix and it will be up and running shortly.”
Cowrywise also said “We’re currently seeing more traffic than usual on the Cowrywise app. Our team is already on it and working to get things back to normal. Thanks for your patience, everyone.”
Nigerian economist Bismarck Rewane advises Nigerians financially, sharing that Nigerians should engage in the Dangote Refinery initial public offering (IPO). He stated that it was a good investment.
He shared “You are better off with your N5,000 share than selling your PVC for N10,000 or N15,000 and consuming it,” Rewane said.
“If you can get 10 million shareholders to participate in the IPO, the Dangote Refinery will have the largest number of shareholders in the world,” he said.
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