Hope Rises for New Fuel Prices in August As Dangote Refinery Gets More Support
- The Dangote Refinery is seen as a game changer, and there is hope that the refinery can help crash petrol prices
- A group of youths has now tasked traditional leaders, especially in Lagos, to provide the needed support
- Africa's largest oil refinery project is set to begin production of petrol in August, and sales to Nigerians
- Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
As anticipation mounts over the Dangote Refinery's imminent petrol production, youths have charged traditional rulers in Yoruba land to provide support and protect the assets.
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The youths, under the aegis of the Lagos Advocacy Group, Lekki Empire Advocacy Forum, and Yoruba Youth Advocacy Forum, made this call on Tuesday, July 31, 2024, at a press conference held in Lagos.
Dangote refinery operation
Yakubu Eleto, the convener of the Lagos Advocacy Group, appealed to all the traditional rulers in the southwest to rally around the refinery because it is located in Yoruba land, Punch report.
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He stated.
“The royal fathers should not allow the great investment to die, as posterity will judge them if they fail to talk now."
The group also stressed that the Dangote Refinery in the Lekki Free Trade Zone of Lagos state represents Africa's largest oil refinery project and a cornerstone of Nigeria's aspirations for energy self-sufficiency.
Dangote refinery confirms date for petrol sale
Meanwhile, Aliko Dangote said that Premium Motor Spirit (PMS), commonly known as petrol, will be ready at the Dangote Refinery between 10th and 12th August 2024.
Dangote said:
"By the grace of God, Premium Motor Spirit was supposed to be available this July, but the fire incidents disrupted us for a few days. However, by the latest, the 10th or 12th of August, PMS will be ready."
There is hope that the Dangote refinery will help reduce fuel prices in Nigeria.
Otedola reacts as Tinubu orders NNPC
Legit.ng reported that Nigerian billionaire Femi Otedola had reacted to new directive by President Bola Tinubu to the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to Dangote Refinery and other upcoming refineries in naira.
The move aimed to stabilise the pump price of refined fuel and the dollar-naira exchange rate.
According to the directive, the Dangote Refinery required 15 cargoes of crude oil yearly, costing $13.5 billion, and NNPC has committed to supplying four.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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Source: Legit.ng
