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Nigeria benefits from Dangote Refinery as global crude prices surge – PETROAN
Nigeria benefits from Dangote Refinery as global crude prices surge – PETROAN
The Petroleum Products Retail Outlets Owners Association of Nigeria has hailed the Dangote Refinery as “our salvation,” stressing that Nigeria stands to benefit if the facility supplies “100 per cent” of domestically consumed petrol.
Dangote Refinery
Speaking to newsmen on Wednesday, the President of PETROAN, Billy Gillis-Harry, highlighted the refinery’s pivotal role amid escalating tensions in the Middle East.
“As I said, let us be grateful first to God and Dangote for taking the investment foresight by establishing the Dangote Refinery. Going by the war, I don’t know what we would be doing today in Nigeria if we did not have that facility in place,” he said.
Gillis-Harry explained that marketers are now sourcing all products from the refinery.
“Right now, marketers source all of our products from Dangote Refinery. Whether we are going to buy from depots that have not started selling to us in a very long time, we expect that with effective stakeholders’ collaboration, the Dangote Refinery’s objectives will be met.
“If Dangote has to have 100 per cent of the domestic retail outlets, it is only for the benefit of Nigeria.”
He added that while alternative sources were previously necessary, the war has made importation largely impossible.
“While we were talking about this a couple of months ago, we indeed had to have other sources of petrol supply. But today, that is not the case, especially with the war raging, making imports completely impossible until there is a resolution.
“So, we are taking our products from Dangote, whether it’s 50 per cent or 100 per cent. To every retailer, our concern is to meet our objective of ensuring that we supply products to end-users. Our services grew the economy daily by providing those critical services.”
Addressing price fluctuations, Gillis-Harry said, “For pricing, we are aware that the market situation determines prices, and we have always said that prices will never be static. It will be up. It will be down.
“Price fluctuations are what we should expect in the coming days. Hopefully, an example of what Dangote did yesterday, to reduce petrol price by N100 per litre.
“ Well, I don’t have any empirical reason for such a move, but I believe that must be some fundamental changes in the production dynamics for him to have made such a deduction, and we are happy about that. We hope the deduction will reflect in the pump as soon as we start buying new products.”
The comments come as petrol prices in Nigeria have been impacted by global crude volatility, worsened by the ongoing Middle East crisis. Brent crude briefly surged above $100 per barrel before retreating to about $88 per barrel on Tuesday, while earlier import restrictions had pushed petrol prices above ₦1,000 per litre in several states.
In response, Dangote Refinery initially raised gantry prices to ₦1,175 per litre last week, before reducing it to ₦1,075 per litre on Tuesday, representing a ₦100 drop. Filling stations nationwide adjusted pump prices to between ₦1,200 and ₦1,300 per litre, depending on location.
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