Marketers rejoice as Dangote lowers diesel to N1,000/litre…
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Oil marketers have expressed their desire for a decrease in the cost of automotive gas oil, also known as diesel, and the Dangote Petroleum Refinery has taken their requests into consideration because of this.
The refinery made the announcement on Tuesday that it would be lowering the price of diesel from N1,200 per litre to N1,000 per litre. This new development caused operators in the downstream oil sector to feel a sense of joy.
This information was disclosed by the Dangote refinery in a statement that was released on Tuesday by Tony Chiejina, the company’s spokesperson.
The following is an excerpt from the statement: “In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from N1200 to N1,000/litre.”
While the refinery was in the process of rolling out the products, it offered them at a significantly discounted price of N1,200 per litre three weeks ago.
This represents a drop of over thirty percent from the prior market pricing of approximately N1,600 per litre.
“It is anticipated that this substantial decrease in the price of diesel at the Dangote Petroleum Refinery will have a positive impact on all aspects of the economy and ultimately lead to a reduction in the high inflation rate that is currently being experienced in the country.”
In April, oil marketers made a request for a reduction in the price of diesel that is being produced by the Dangote Petroleum Refinery at the pump to a range of between N700 and N850 per liter.
According to the article, the dangote operators also disclosed their intention to meet with the managers of the refinery throughout the course of this week.
In response to the price reduction that took place on Tuesday, Mohammed Shuaibu, the Secretary of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja Branch, stated, “This is a welcome development and I am happy to hear this news because it will further increase competition in the downstream, which will benefit a great number of Nigerians.”
According to the statement, “Such competition would create room for more price reductions, and we are going to start seeing the positive impact on the cost of goods and services in the long run.”
According to Clement Isong, who serves as the Executive Secretary of the Major Energies Marketers Association of Nigeria, he stated, “I have not heard about it yet.” But if that turns out to be true, I will be thrilled. The good news is that.”
IPMAN, which made the plea for a drop in diesel price during an interview with The PUNCH last week, had argued that the price of N1,225 per liter for the commodity from the indigenous refinery was excessive because the product was produced in Nigeria and was not imported like other products.
An additional demand for a decrease in the cost of Dangote fuel was made by the Petroleum Products Retail Outlets Owners Association of Nigeria.
The groups demanded that the Federal Government step in and encouraged the managers of the refinery to take into consideration the high cost of logistics that is required to convey the product from Lagos, which is the location of the refinery.
The oil marketers mentioned that the product is being imported into Nigeria by certain importers at a price of N1,250 per liter as a result of the appreciation of the naira in comparison to the dollar.
They added that this should be another reason why the Dangote refinery, which is responsible for producing diesel in Nigeria, should reduce its price.
There are no vessel fees, import duties, or other costs involved with the importation of the commodity into Nigeria, according to the oil marketers. Diesel that is generated at the Dangote refinery does not have any of these costs associated with it.
Source: Punch News
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