According to Nigerian oil marketers, the price of gasoline will drop as a result of crude oil being sold to Dangote Refinery and other nearby refineries in Naira.
In a recent discussion with reporters, Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, revealed this.
The Nigerian National Petroleum Company Limited was instructed by President Bola Ahmed Tinubu to sell crude oil to Dangote Refinery and other nearby refineries in Naira. This is the context in which his statement was made.
In response to the directive, Federal Inland Revenue Service Chairman Zacch Adedeji and other important stakeholders met with Finance Minister Wale Edun on Monday to discuss the implementation of Tinubu’s mandate.
In response to the news, Gillis-Harry emphasized that all fees and expenses associated with the transportation of imported crude cargoes would be eliminated if crude sales were made to domestic refineries.
“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 newsmen.
Adedeji had earlier claimed that Nigeria will save an estimated $7.3 billion a year as a result of its plan to sell crude in Naira.
This occurs in the midst of a problem with the delivery of crude oil to nearby refineries and Dangote Refinery.
