Dangote refinery will be selling petrol at International market price- Zainab Ahmed

[Melvin]

The Minister of Finance, Budget and National Planning, Zainab Ahmed has disclosed that the Dangote Refinery will be selling fuel at international prices, adding that the refinery is set to begin operations from next year with a capacity of refining 650,000 barrels of crude oil per day.

She also said that shipping costs was the only thing Nigeria would not pay for but labour cost, landing costs and marketers will have to put a margin.

According to the Minister the whole plan was targeted at enabling the petroleum sector grow as they have been a number of refineries that have been licensed for several years. "None of them was willing to start refining under the regime that we had were fuel was controlled", she said.

Speaking further, Zainab said that the Dangote refinery is sitting within an Export Processing Zone so they are insulated from that, adding that when we buy fuel from Dangote, we will be buying fuel at the international market pr

 

[Melvin]

Zainab Ahmed said the deregulation of the sector which led to the increase in fuel price was good for the economy as it would encourage investments in refineries.

 

[Admin]

Wow so they will be making that much money from Nigerians. sad.

 

[Melvin]

Yeah it looks like having a large up and running refinery owned by a Nigerian and built in Nigeria does not necessarily mean that petrol would be cheap for all.

But the deregulation of petrol would surely have a green effect on the economy.