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Sopuruchi Onwuka
Amidst lingering volatility in petroleum prices across the globe, Dangote Petroleum Refinery says it is reducing loading price of petrol at its plants by N30.00, from N850 to N820 per litre.
The new price which was announced on Tuesday followed softening sentiment in the market after the President Donald Trump of the United States compelled India into compliance on Russian oil imports and the consequent desire for President Vladimir Putin engage in ceasefire talks on Ukraine war.
The Oracle reports that Trump’s strategy of using trade diplomacy continues to achieve global ripples across commodity prices and international alliances. And the prevailing title of the United States as world’s leading oil and gas exporter comes with great influence on the market.
Although Dangote says its price reduction is part of its “unwavering commitment to national development,” the company is also struggling in a local price competition with foreign refiners that continue to maintain grip in the domestic market.
Economies of scale, localized production and policy incentives also play in favour of Dangote refinery which also assures the public of a consistent and uninterrupted supply of petroleum products.
The refiner had declared intention to press ahead with its plan for direct supplies the market with phased deployment of 4,000 Compressed Natural Gas (CNG)-powered trucks for fuel distribution across the country.
Meanwhile, a delegation from Nigerian Labour Congress (NLC) which visited the refinery and Dangote Fertiliser Limited, the Dangote refinery complex has started delivering tangible benefits to the Nigerian people.
Chairman of the Lagos State chapter of NLC, Comrade Funmi Sessi, stated that investments in the plants were “clear effort to bridge the gap in the availability of essential products in the country and to create job opportunities for Nigerians and others as well as industrialise the country.”
He noted that Dangote Petroleum Refinery has helped to stabilize fuel prices, and demanded the government to prioritize the sale of crude oil to the refinery in naira to enable it further lower fuel prices for ordinary Nigerians.
