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Dangote Refinery Sparks Hope for Lower Petrol Prices, Predicts N300/Litre

June 10, 2024

Operators of modular and conventional refineries in Nigeria have expressed optimism that the pump price of petrol, could plummet to approximately N300/litre with the commencement of extensive production by local refineries, particularly the Dangote Petroleum Refinery and emphasized  that the importance of ensuring an adequate supply of crude oil to local refiners for this price reduction to materialize.

Speaking on behalf of the Crude Oil Refinery Owners Association of Nigeria (CORAN), the association highlighted the potential impact of massive production on petrol prices, drawing parallels with the cost reduction witnessed in diesel following Dangote’s entry into its production.

Despite arguments about the dependence on dollar-priced crude oil as a raw material for Petrol production, CORAN officials remained steadfast in their belief that indigenous refinery operations would lead to a significant drop in petrol prices as they cited Dangote’s assurances that his refinery could meet regional petrol and diesel demands, along with aviation fuel needs, as a testament to the potential transformation of Africa’s energy landscape.

Dangote’s refinery previously impacted the diesel market by drastically reducing prices from the prevailing rates, signaling the potential for similar effects on petrol prices once production increases.

Written by Adeyemi Adewale

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