LAGOS (Sundiata Post) – Nigeria’s oil marketers have revealed the impact of Dangote’s Refinery when it becomes operational.
The marketers said the sale of crude oil to Dangote Refinery and other local refineries in Naira would lead to a reduction in the price of petrol.
His statement comes amid 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.
Reacting to the development, Gillis-Harry, stressed that crude sales to domestic refineries would eliminate all components of logistics costs and charges on imported crude cargoes.
“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,” .
Earlier, Adedeji said Nigeria’s decision on the sale of crude in Naira will save the country an estimated $7.3 billion annually.
This comes amid a crisis surrounding crude oil supply to Dangote Refinery and local refineries.
