The nation’s oil marketers are delighted and confident that the new Dangote Refinery will lower the price of petrol because the facility will raise the price of deregulated goods.
The Independent Petroleum Marketers Association of Nigeria’s (IPMAN) National President, Chinedu Okonkwo, told reporters that the refinery would not only increase employment but also bring down the price of deregulated petrol.
The refinery will provide this country more reason for hope, according to IPMAN’s boss. It will guarantee product availability and generate numerous jobs. Nigeria would eventually benefit much from the elimination of the time wasted importing petroleum products.
It was discovered that a 650,000 barrels per day integrated refinery project was being built in the Lekki Free Zone in Lagos, Nigeria, at an estimated cost of over $19 billion. It is anticipated to be both the largest single-train facility in the world and the largest oil refinery in Africa.
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According to the company’s website, the refinery will produce enough of each refined product to cover all of Nigeria’s needs while also having a surplus for export.
According to the statement, the multi-billion dollar Dangote Petroleum Refinery will open up markets for $21 billion worth of Nigerian crude annually. It is intended to process petroleum from Nigeria, but it can also handle crude from other countries.
Dangote is a private businessman who is looking to make money, the IPMAN boss continued, but one thing is for sure: if the petroleum industry is deregulated, the products will be less expensive. This is due to the fact that the freight costs associated with transporting the crude and refining it before bringing the refined products back to market will be addressed, and that value alone will be advantageous for the nation.
When asked if there would be deregulation of fuel after the refinery began operating, Okonkwo responded, “Yes, at least it will lessen the tension related to availability and affordability.
“It is our own because what is needed mostly by my members is the availability of products so that as we make a living from the business of selling petrol, it will help everybody in the system.”
