Business News of Monday, 9 September 2024

Source: www.mynigeria.com

Oil marketers may ditch $20 billion Dangote refinery, give reasons

Oil marketers may start importing petrol after a recent statement by the Nigerian National Petroleum Company Limited (NNPC) that it would only offtake the petroleum products from the Dangote refinery if the market prices of their newly launched commodity were higher than the pump prices in Nigeria.

The NNPC also stated that the Dangote refinery and other facilities are free to sell directly to any marketer on a willing buyer, willing seller basis.

The statement by the NNPC is in sharp contrast to the President of Dangote Group, Aliko Dangote's statement that the company was waiting for the NNPC to be the only local distributor of its petrol.

Oil marketers have however maintained that they would source the product from wherever they find it cheaper.

The National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mustapha Zarma, also added that if the price from the refinery is competitive enough, IPMAN members will patronise the refinery whether or not the NNPC distributes it.