Oil marketers in the country are happy and have expressed optimism that the operation of the new Dangote Refinery would bring down the cost of petrol.

Naija News understands that marketers are positive that the facility would revive the cost of deregulated product.

Speaking with The Punch about what marketers expect, the National President, Independent Petroleum Marketers Association of Nigeria ( IPMAN), Chinedu Okonkwo, said the refinery would not only create jobs, but would reduce the cost of deregulated petrol.

The IPMAN boss submitted “That refinery is going to create further hope for this nation. It will create a lot of jobs and ensure availability of products. The time spent in importing petroleum products will be eliminated and Nigeria will gain a lot from it, moving forward.”

It was learnt that the 650,000 barrels per day facility, estimated to cost over $19 billion, is an integrated refinery project under construction in the Lekki Free Zone, Lagos, Nigeria. It is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility.

The company, on its website, said the refinery would meet 100% of the Nigerian requirement of all refined products and also have a surplus of each of these products for export.

It said “Dangote Petroleum Refinery is a multi-billion dollar project that will create a market for $21bn per annum of Nigerian crude. It is designed to process Nigerian crude with the ability to also process other crude.”

It is against this backdrop that the IPMAN boss explained that“Dangote is a private businessman who is out to make money, but one thing is that if the petroleum business is deregulated, the products will be cheaper. This is because the cost of freight, carrying the crude and refining it and bringing it back as refined products will be addressed and that value alone will be an advantage for the country.”

Throwing more light on if petrol would be deregulated once the refinery starts producing, Okonkwo said “Yes, at least it will reduce the stress around 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.”

On his part, the IPMAN National Public Relations Officer, Chief Ukadike Chinedu, stated “We are optimistic and excited to know that the refinery is set for inauguration, considering the humongous benefits that it is going to have on not just the oil sector, but also on the Nigerian economy.

“With the coming onboard of the Dangote Refinery, we believe that Nigeria will say goodbye to PMS scarcity as well as the poor supply of other petroleum products.” 

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