“It’s Counterproductive:” Marketers Petition Tinubu over Dangote’s Plan to Crash Fuel Prices
- The vice president of Oil and Gas at the Dangote Refinery, Devakumar Edwin, said marketers petitioned Tinubu over the Dangote Refinery
- He said the marketers complained that the crash of diesel and aviation fuel prices from the refinery is counterproductive to their businesses
- Edwin disclosed that about 95% of marketers boycott petroleum products from the Dangote refinery, preferring to import instead
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade
The vice president of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, has disclosed that the petroleum importers reportedly petitioned President Bola Tinubu over the crash of the price of diesel and aviation fuel by Dangote Refinery.
Edwin said that marketers are boycotting the diesel and aviation fuel from the refinery. They had petitioned the refinery to the president over its low-priced diesel, saying it was counterproductive to their businesses.
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95% of marketers don’t buy Dangote products
According to the Dangote Industries chief, the marketers took the step after the refinery crashed diesel prices.
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Edwin disclosed that about 95% of Nigerian petroleum product importers do not buy products from the Dangote refinery.
He said that the refinery needs help to sell it in Nigeria, thereby resorting to exporting most of its products.
Punch reports that Edwin noted that the Dangote Refinery has imported about 57 shiploads of crude due to low supply from NNPC.
He also said that the NNPC and the Dangote Refinery are concluding discussions on crude oil sales by the national oil company to the Dangote Refinery in the local currency and the buy-back of refined products from the plant in naira.
Edwin said the parties may conclude discussions on the deal soon.
Marketers boycott Dangote fuels
Edwin also revealed that oil marketers had continued to boycott diesel and aviation fuel from the refinery, stating that they also reported the facility’s low-priced fuel to President Bola Tinubu.
The Dangote official disclosed that NNPC demanded to oversee petrol production at the Dangote refinery based on the agreement that it would supply crude to the plant.
Legit.ng reported that the Nigerian government disclosed that crude oil sales to the $20 billion refinery and other local refineries would begin October 1, 2024.
According to reports, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, disclosed this during a meeting with the implementation committee.
During the Space event on X hosted by Nairametrics, Edwin disclosed that discussions were advanced on the naira transactions for crude oil purchase and product buy-back.
Dangote may abandon Nigeria, export petrol
Legit.ng earlier reported that the Dangote Refinery might export its petrol following the refusal of the Nigerian National Petroleum Company Limited (NNPC) to lift the product.
The NNPC disclosed in a statement on Saturday, September 7, 2024, that it would only buy Dangote petrol if it sold cheaper than the international market price.
The NNPC statement contradicts Aliko Dangote's claim that the Refinery was waiting for the national oil firm to roll out its product.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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