Oil Marketers Advocate Reduction in Pump Price of Dangote Refinery’s Diesel

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Oil marketers are urging a downward revision in the pump price of Automotive Gas Oil, commonly known as diesel, produced by the Dangote Petroleum Refinery. They are calling for the price to be set between N700 and N850 per liter as they plan to engage with refinery managers next week.

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The Independent Petroleum Marketers Association of Nigeria (IPMAN), the largest downstream marketing association, voiced its concerns in an interview with The PUNCH, highlighting the high cost of the commodity at N1,225 per liter from the indigenous refinery. They argued that since the product is produced locally, its price should be lower than imported diesel.

Similarly, the Petroleum Products Retail Outlets Owners Association of Nigeria also advocated for a reduction in the price of Dangote’s diesel, emphasizing the need to consider the high logistics costs associated with transporting the product from Lagos, where the refinery is situated.

Oil marketers pointed out that diesel imported by some traders is being landed in Nigeria at N1,250 per liter due to the strengthening of the naira against the dollar. They argue that this should serve as a basis for Dangote Refinery to adjust its pricing accordingly.

The groups are seeking the intervention of the Federal Government and hope to persuade the refinery’s management to review the pricing structure, taking into account the absence of vessel costs and import charges associated with locally produced diesel.

IPMAN and other industry stakeholders are set to hold meetings with Dangote Refinery’s commercial department next week to address these pricing concerns and seek a resolution. They aim to ensure that the price of diesel reflects the reduced costs and benefits of local production.

The commencement of diesel sales from the Dangote Refinery marks a significant development in Nigeria’s petroleum industry, with expectations of a potential reduction in diesel prices and increased availability of refined products in the domestic market.


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Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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