Nigeria’s oil marketers have said the sale of crude oil to Dangote Refinery and other local refineries in Naira would lead to a reduction in the price of petrol.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria Billy Gillis-Harry, disclosed this in a recent interview with with an online medium.
His statement comes amid the directive by President Bola Ahmed Tinubu to the Nigerian National Petroleum Company Limited to sell crude oil to Dangote Refinery, and other local refineries in Naira.
In follow up to the directive, the Minister of Finance, Wale Edun, on Monday met with key stakeholders, including the Chairman of Federal Inland Revenue Service, Zacch Adedeji, towards the implementation of Tinubu’s directive.
Reacting to the development, Gillis-Harry, stressed that crude sales to domestic refineries would eliminate all components of logistics costs and charges on imported crude cargoes.
“Well, I should expect the sale of crude in naira to local refineries to impact massively on the price of the refined product. This is because all the components of logistics and importation charges would have been removed. We should be able to see the benefits impact on the price of refined products,” he told DAILY POST.
Earlier, Adedeji said Nigeria’s decision on the sale of crude oil in Naira, will save the country an estimated $7.3 billion annually.
This comes amid a crisis surrounding crude oil supply to Dangote Refinery and local refineries.
Source : Daily Post