The ongoing efforts to resolve Nigeria's oil and gas challenges took a new turn when Edwin Devakumar, Vice President of Dangote Industries Limited, accused local petroleum marketers of avoiding the purchase of Dangote Refinery's petrol despite it being offered at lower prices.
Speaking during an online discussion on Thursday, Devakumar claimed that only 3% of local marketers had shown interest in purchasing petrol from the newly operational 650,000-barrel-per-day refinery in Lagos. He expressed frustration, stating that marketers were opting for imported petrol instead, even though Dangote Refinery's prices are reportedly more competitive.
This accusation follows the recent announcement by Aliko Dangote, President of Dangote Group, regarding the official rollout of petrol from the refinery, with September 15, 2024, set as the date for the commencement of fuel lifting.
Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL), the country's main importer of petrol, recently adjusted its prices to N855–N897 per liter depending on the region, causing other fuel outlets to raise their prices to over N1,000 in some areas.
Local petroleum marketers have responded to Devakumar’s statement, expressing confusion over the claims of a boycott. Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association (PETROAN), argued that marketers are willing to patronize Dangote Refinery but have not been provided with a clear price list for the petrol. He emphasized that transparency is crucial, as marketers need to know the price in order to make informed decisions.
"How can we be boycotting their petrol if we don't even know the price?" Gillis-Harry questioned, adding that the high cost of fuel has been a burden on Nigerians, and marketers are eager to find more affordable options.
Similarly, Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), explained that local marketers had not received any communication from Dangote Refinery until Wednesday. He assured that marketers would gladly purchase from Dangote, provided the prices are competitive.
"We are ready to buy from Dangote Refinery if the price is right," Maigandi said. "There is no question of a boycott. We just need clarity on the price."
In response, NNPCL spokesperson Olufemi Soneye confirmed that negotiations with Dangote Refinery on pricing are ongoing. Soneye expressed doubt that marketers would avoid purchasing petrol at lower prices, calling it "unlikely."
While the petrol market awaits the official release of Dangote Refinery's product, stakeholders are hoping for competitive pricing that will ease the burden on Nigerians and provide a solution to the current fuel crisis. The first batch of petrol from Dangote Refinery is expected to be available by September 15, 2024.
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