Fuel
Marketers: Crude sales in Naira to Dangote, others local refineries will crash fuel price
Nigeria’s oil marketers have hailed the sale of crude oil to Dangote Refinery and other local refineries in Naira, saying it would lead to a reduction in the price of petrol.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, stated this.
Indeed, his position is against the backdrop of the directive by President Bola Ahmed Tinubu to the Nigerian National Petroleum Company Limited to sell crude oil to Dangote Refinery, and other local refineries in Naira.
Gillis-Harry insisted that crude sales to domestic refineries would eliminate all components of logistics costs and charges on imported crude cargoes.
According to him, “Well, I should expect the sale of crude in naira to local refineries to impact massively on the price of the refined product. This is because all the components of logistics and importation charges would have been removed. We should be able to see the benefits impact on the price of refined products.”
Indeed, in order to implement the President’s directive, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday met with key stakeholders, including the Chairman of Federal Inland Revenue Service, Zacch Adedeji.
Earlier, Adedeji said Nigeria’s decision on the sale of crude in Naira will save the country an estimated $7.3 billion annually.
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