PLANS have reached an advanced by the federal government, Nigerian National Petroleum Company Limited, NNPCL and Dangote Refinery; to make far-reaching changes in Nigeria’s process of lifting and distribution of petrol.
*Implementation Committee meets * It’s good development — marketersBy Udeme Akpan, Obas Esiedesa & Ediri Ejoh
But under the new arrangement being considered, the NNPCL would continue to provide crude oil but seized to play such dominant role in the distribution of the product of the $20 billion refinery. “It is also expected that the new arrangement would remove all forms of uncertainty as well as attract local and foreign investors to invest in the sector. Certainly, we expect that additional infrastructure would be developed to deliver more value to consumers.”Reacting, the Managing director of 11Plc, Adetunji Oyebanji, said: “This is a good development. But only companies with financial muscles can take advantage of it. Those without many resources would not be in a position to do so.
On his part, Robert Dickerman, Chief Executive Officer of Pinnacle Oil and Gas Limited, Robert Dickerman, said Dangote’s oil production will not culminate in price reduction. Dickerman, who attributed the high price of fuel in Nigeria to the low value of the Naira, said all crude oil and petroleum products are priced in United States dollars.
The Minister of Finance and Coordinating Minister of the Economy had three days ago announced that, in line with the Federal Executive Council directive, the sale of crude oil and refined petroleum products in Naira has officially commenced as of October 1st, 2024.
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