New Fuel Price: Oil Marketers To Meet Dangote After Crashing Prices by N80
- Oil marketers, represented by PETROAN, have confirmed interest in buying petrol from the Dangote refinery
- The marketers have set conditions for the deal to happen and have called on Aliko Dangote for fair pricing
- Already there is a glimmer of hope for Nigerians on new fuel prices at filling stations nationwide
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.
Oil marketers have clarified that they are not opposed to doing business with Dangote Refinery and are open to purchasing Premium Motor Spirit (PMS) from the facility.
They, however, said that for the purchase to happen, market conditions will be mutually agreed upon.
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During an interview on Channels Television's Morning Brief, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), revealed that oil marketers plan to meet Dangote Refinery executives to discuss terms.
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He noted that PETROAN members would be willing to buy refined petroleum products from Dangote Refinery if the terms are negotiated favourably.
He said:
“There are no gloves off. PETROAN, along with other stakeholders, is committed to serving Nigeria’s interests. We have never taken off our gloves.
"Dangote is one of us, and we are proud of his sacrifice for the Nigerian oil sector. We are ready to patronise"
This clarification comes amid PETROAN's accusation that the Dangote refinery wants to stifle competition in the downstream sector and promise to import cheaper product
In a statement released on Monday, November 11, PETROAN stated that the petrol they plan to import will be cheaper than the current rates in the country.
Fuel price crashes by N80
Earlier, Legit.ng reported that the Major Energy Marketers Association of Nigeria (MEMAN) announced a drop in the landing cost of fuel.
MEMAN noted that the landing cost of PMS fell to N939.86 per litre on November 1, 2024, from N981 per litre on September 25, 2024.
An investigation by Legit.ng also showed changes at filling stations, with pump prices adjusting from N1,200 to N1,120 per litre, leaving a margin of N80.
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Source: Legit.ng
