The Crude Oil Refinery Owners Association of Nigeria, CORAN, said it is optimistic that current price of Premium Motor Spirit, (PMS) called petrol, would certainly go down to about N300/litre.
This the Association predicated on commencement of massive production by the Dangote Petroleum Refinery and other indigenous producers.
The CORAN, however said this would be achieved when the government ensures the provision of adequate crude oil to local refiners, stressing that refineries abroad were ripping off Nigeria.
The group explained that what happened to the cost of diesel after Dangote started producing it, would happen to petrol price once it is being refined in-country.
Eche Idoko, Publicity Secretary of the body said, “A lot of companies today benefit from the importation of petroleum products at the expense of Nigerians,”
“if we begin to produce PMS today in large volumes, provided there is adequate crude oil supply, I can assure that we should be able to buy PMS at N300/litre as the pump price.
“Why make Nigerians buy it at almost N700/litre when you know that if you allow refineries work the price will come down?
Is it because you want to satisfy the global refiners abroad that are making so much from us?”
Idoko expressed confidence that petrol price would crash once it is being produced massively by indigenous refiners.
He said, “We were selling diesel for N1,700 to N1,800/litre, but as soon as Dangote refinery started production he brought down the price to N1,200/litre.
As I speak to you now there is every tendency that before December diesel price will drop further.
The only reason why diesel is not doing below N1,000/litre is because of our exchange rate.
“If the exchange rate drops, diesel will drop below the N1,000/litre price.
Now the exchange rate concern is because Dangote imports crude.
If he is not importing, the exchange rate may not have so much effect, though he is still buying crude in dollars (in Nigeria) anyway.”
On May 18, 2024, he said that Aliko Dangote, stated that following the laid-down plans of the Dangote refinery, Nigeria would no longer need to import petrol starting June this year.
Dangote had also stated that his refinery could meet West Africa’s petrol and diesel needs, as well as the continent’s aviation fuel demand.
He spoke at the Africa CEO Forum Annual Summit in Kigali, expressing optimism about transforming Africa’s energy landscape.
“Right now, Nigeria has no cause to import anything apart from gasoline (petrol) and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre,” Dangote said.
Vincent Ezenagu