Oil Marketers Speaks On Petrol Price Reduction

In reaction to a recent report that said the pump price of premium motor spirit (PMS) could drop to ₦300/litre with the start of large-scale production by the Dangote Petroleum Refinery and other local refiners, including modular refinery operators, the Major Energy Marketers Association of Nigeria (MEMAN) has refuted such report reports.

The Publicity Secretary of the Crude Oil Refinery Owners Association of Nigeria (CORAN), Eche Idoko had believes that with adequate crude oil supply, local refineries can produce PMS at a lower cost, making it possible to sell at ₦300/litre.

He accused refineries abroad of exploiting Nigeria and stressed the need to support local refining.

He said, “If we begin to produce PMS today in large volumes, provided there is adequate crude oil supply, I can assure you that we should be able to buy PMS at N300/litre as the pump price.

“Why make Nigerians buy it at almost N700/litre when you know that if you allow refineries to work the price will come down? Is it because you want to satisfy the global refiners abroad that are making so much from us?”

However, Tunji Oyebanji, former chairman of MEMAN and CEO of 11 Plc, disagrees with the claim.

According to him, the price of petrol cannot drop as low as ₦300 per litre due to the high cost of crude oil, refining, transportation, finance, and distribution margins.

Oyebanji cited the example of diesel prices dropping from N1,700 to N1,200/litre after Dangote refinery started production, but attributed this to the exchange rate.

He expressed optimism that diesel prices will drop further before December.

He said, “We were selling diesel for N1,700 to N1,800/litre, but as soon as Dangote refinery started production he brought down the price to N1,200/litre. What other proofs do you need?.

“As I speak to you now there is every tendency that before December diesel prices will drop further. The only reason why diesel is not doing below N1,000/litre is because of our exchange rate.

If the exchange rate drops, diesel will drop below the N1,000/litre price. Now the exchange rate concern is because Dangote imports crude. If he is not importing, the exchange rate may not have so much effect, though he is still buying crude in dollars (in Nigeria) anyway".

Comments

KNIGHTS OF ST. JOHN (KSJI) TAKES A SWIPE AT BAD LEADERSHIPS IN NIGERIA

Maj. Gen. (Prof) Remy Uche, KSJI Supreme Subordinate President, Nigeria. As Christians all over the world marked the feast of the Passion of St. John the Baptist on August 29 commemoration of his beheading by King Herod for speaking up to the truth, the Knights of St. John International (KSJI) of the Roman Catholic Church has taken a swipe against which it described as obnoxious and draconian leaderships in many spheres of life in Nigeria. The Knights of St. John International (KSJI), a sodality organisation of men and women looked up to in the Roman Catholic Church as people of integrity, is not happy with the current situation in the country where leaders in some places are not serving expectedly. According to a press statement made by the KSJI leader in Nigeria (Supreme Subordinate President), Maj Gen. Remy Uche (Prof), and signed on his behalf, by his Chief of Staff, Sir Abuchi Anueyiagu, to mark the feast of the Passion of St. John the Baptist, the patron saint...

Eze Uchendu Applauds Compt. Olomu's Outstanding Performance In Apapa

...Berates APMT For Lack of Capacity & Technicality ...Calls FG to Set Up Committee To Access APMT Operations In Nigeria The remarkable performance of the Customs Area Controller of the Apapa Customs command, Comptroller Babatunde Olomu fsi has been commended by a renowned freight forwarder, the Chairman of National Association of Government Approved Freight Forwarder( NAGAFF), Apapa Chapter, Fowdr. Prince Eze Uchendu. Accessing the Apapa Command under the control of Compt. Olomu, the chairman applauded the resilience and doggedness of the area controller in all areas of operation, in his words, "I think for now we have a good controller, the person of controller, Babatunde Olomu, since his inception as the CAC Apapa, I can say Apapa Command has never had it so good, so I can score the Nigeria customs high In all fields of endeavour, the controller has been a moving controller, he's not a controller that stays in office. He comes to the terminals ...

Kabiesi Akintola Becomes A First Class King And Permanent Member of Osun State Council of Kings

A Retired Senior Customs Officer, Deputy Comptroller Akintola Imran Ayodeji (Rtd) has become a First Class King and permanent member of the esteemed Osun State Council of Kings. He signed his letter of appointment on the 19th day of August 2024, at a momentous occasion which marked a significant milestone in his journey as a traditional leader and a proud son of Osun State. His Royal Majesty Oba Akintola Imran Ayodeji, The Alua Of Erin Oke Kingdom Ijesa, after signing his letter of appointment saod felt a deep sense of responsibility and commitment to serve his people and uphold the rich cultural heritage of the great state of the Living Spring. This appointment is not just a recognition of his own achievements, but also a testament to the trust and confidence placed on him by the people and the Council of Kings. As a First Class King,the Kabiesi has pledged to work tirelessly to promote the welfare and development of his ...

Maritimegistplus

Search This Blog