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APC chieftain asks Tinubu to intervene in Dangote refinery diesel pump price

APC chieftain asks Tinubu to intervene in Dangote refinery diesel pump price
April 14
23:53 2024

Olatunbosun Oyintiloye, a chieftain of the All Progressives Congress (APC) in Osun state, has asked President Bola Tinubu to intervene in the pump price of diesel at the Dangote refinery. 

Speaking at a press conference in Osogbo, Osun state capital, Oyintiloye said the federal government should ensure a downward review of the pump price of the automative gas oil produced by the Dangote refinery.

On April 2, Dangote refinery fixed the minimum volume of diesel that can be purchased by oil marketers at one million litres.

However, the APC chieftain said the N1,225 pump price was on a high side for a product coming from an indigenous company.

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Oyintiloye said there should be a major difference between the pump price of imported diesel and the one coming from an indigenous refinery.

He also said information from the Independent Petroleum Marketers Association of Nigeria (IPMAN) indicates that the product is being imported at the rate of N1,250 per litre following the appreciation of the naira against the dollar.

The APC chieftain said this is a pointer to the fact that the president’s urgent intervention would be needed in fixing the price of the product coming from a local refinery.

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“Since the product was produced locally without vessel cost, import charges, and other costs associated with  the importation of the commodity into Nigeria, the price should be cheaper than what is being imported,” Oyintiloye said.

“There is no doubt that Nigerians are happy with the commencement of the operation of the Dangote Refinery. We commend Alhaji Aliko Dangote for the project. It is a huge one for the benefit of our economy.

“That the refinery has started releasing petroleum products to the market is a thing of joy for all Nigerians and a sign of good things to come. It is what we are all looking forward to. But for it to have a positive impact in our economy, we appeal to the president to intervene in fixing the price of the products coming from the refinery.

“What will be the justification that a product coming from Lagos is having same cost as the one imported from another continent? Nigerians are sensitive; they will ask questions.

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“If some marketers are actually importing diesel at N1,250 according to IPMAN, and Dangote Refinery is selling at N1,225. Then, what is the essence that a Nigerian company is producing for us?

“Since the product is coming from an indigenous refinery, expenses on logistics in the area of  importation, clearing, and other activities associated with bringing products into the country will be very minimal. The managers of the refinery should review the price downward.

“In actual sense, the N1,225 pump price will be too high for other marketers outside Lagos due logistics expenses.”

Oyintiloye also said the “renewed hope agenda” of the president had started yielding appreciative results, adding that in no distant time, other indigenous refineries would be revived making petroleum products to be cheaper.

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