Business News of Wednesday, 21 August 2024

Source: www.mynigeria.com

'Prices will crash' - Oil marketers predict, as two refineries set to begin operation

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has shown optimism that the Dangote Refinery will start selling petrol in Nigeria this August, as promised by Aliko Dangote, the Chairman of the Dangote Group.

The association were also optimistic that the assurance given by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, about the Port Harcourt refinery becoming operational this month, will be honoured.

The Chairman of IPMAN, NNPC Depot, Ore Western Zone, Shina Amoo, made this known recently.

Amoo added that the two refineries had already promised August, stating that even though August was far gone, the Dangote Refinery could still sell petrol as promised.

The 650,000 bpd-capacity refinery in Lagos has yet to meet its scheduled mid-August deadline to release petrol into the Nigerian market.

The IPMAN Official expressed faith in President Tinubu’s directive that the NNPC and other oil companies sell crude oil to the local refineries in naira to allow them to commence operation.

He also disclosed that the directive that the $19 billion Dangote Refinery equally sell petroleum products to Nigerians in naira was good.

He disclosed that the marketers are already buying petrol from depot owners in naira, stating that the transactions have not been in dollars. He said supplying crude to local refineries would boost their refining operations.