As Nigerians continue groaning under high cost of Petroleum products following the removal of subsidy, there are indications that Petrol prices are likely to crash to about N300 per litre when Dangote Petroleum Refinery and other refineries begin mass production.
The Crude Oil Refinery Owners Association of Nigeria (CORAN), comprising Refinery Owners in the Country, in a statement explained that providing enough crude oil to local refiners would crash the price of petrol, pointing out that many companies in Nigeria benefit from petrol imports at Nigeria’s expense.
CORAN Publicity Secretary, Eche Idoko, stated that, like diesel prices, which sold for N1,700 before Dangote began production but later crashed to N1,200, the cost of petrol will crash when mass production starts.
According to him as reported, when the refineries begin production in large volumes, there would be a petrol price crash to about N300 per litre, adding that the diesel price would crash further before December 2024, blaming the high exchange rate as responsible for the current price of diesel in the country.
As at today, Nigeria has about 25 licensed modular refineries, five fully functional and producing petroleum products, and 10 are in various stages of completion.
Reacting to the prediction, some Oil marketers also expressed confidence that petrol costs should be lower than their current price immediately after large production begins in Nigeria and as Dangote Refinery commences operation any moment this month.
