DAILY POST
Ahead of Dangote Refinery’s commencement of Premium Motor Spirit, known as petrol, supply in the Nigerian market, marketers and energy experts in Nigeria’s oil and gas industry have ruled out expectations that it will lead to a price crash.
This comes as the Chairman of the Lagos-based Refinery, Aliko Dangote recently shifted the date to commence fuel supply to mid-July 2024 from its earlier projected June.
The richest in Africa, Dangote, blamed ‘a little bit of delay’, for the shift in the earlier commencement date.
Although the company commenced the supply of Diesel and Aviation Fuel in April, the firm which was commissioned on May 23 last year had continued to struggle to get crude supply for its petrol production.
Dangote had gone further to allege that cartels within the oil and gas sector are sabotaging the firms’ efforts to kick off full-scale.
The firm’s helmsman, speaking at the Afreximbank Annual Meetings in Nassau, the Bahamas and in an interview with CNN, said powerful cartels want his company to fail.
The Vice President of Dangote Industries Limited, Devakumar Edwin recently at the weekend accused International Oil Companies in Nigeria of frustrating Dangote Refinery by refusing to sell crude oil. He alleged that IOCs are selling crude oil to Dangote Refinery at a premium price higher by $6 than the market price.
According to him, the development has led Dangote Refinery to look far away to the US to import crude oil to be cracked in Nigeria despite the country’s natural deposit of the product.
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