Marketers reveals when petrol scarcity will end, makes promises

• Benneth Korie, the President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), has said petrol scarcity will end in September
• Kories said that the Dangote and Port Harcourt refineries, which will begin operations in September, will ease the scarcity
• He disclosed that the sale of crude oil to the refineries in naira will spur growth in the oil industry

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The National President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA, Bennet Korie, has expressed hope that Nigerians will heave a sign of relief and achieve complete petroleum availability by September when the Dangote and Port Harcourt refineries begin operations. 

Korie disclosed this as he addressed vital challenges affecting the oil and gas industry at a press conference in Abuja on Wednesday, August 28, 2024.

Marketers set September date to end petrol scarcity Credit: Bloomberg/Contributor
Source: UGC

Marketers ask for inclusion in the value chain

He disclosed that the Dangote Refinery will boost the petrol supply and spur competition. He called for the inclusion of various stakeholders, including NNPCL Trading and Retail, Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN, and NOGSA, in the distribution process to boost availability.

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The NOGASA boss expressed confidence that the Dangote Refinery and the shift to naira transactions could reduce diesel prices and lower transportation costs and market prices.

Korie asks FG to expedite action on refineries

Korie also asked the Nigerian government to speed up the Port Hart Court refinery opening in September to ease the current shortages and improve distribution channels.

He expressed support for the country's economic stability. He endorsed President Tinubu’s directive to sell crude oil in naira, urging refineries to reciprocate by pricing petrol in the local currency.

The NOGASA chief called for redesigning the distribution channels and enhanced security measures at border points.

According to reports, Korie stressed the importance of prioritising agriculture to address inflation, increase agricultural budget allocations, and subsidise inputs.

Dangote Refinery begins test-run for petrol

The development follows the beginning of the Dangote Refinery's petrol production test run.

The facility is expected to release petrol into the Nigerian market in September after delays and deadline misses, which it blamed on crude oil supply challenges.

Reuters reports cited information from industry monitor IIR Energy.

The 6550,000 bpd-capacity refinery, owned by Aliko Dangote, one of Africa’s wealthiest men, has only produced diesel and distillate fuels.

Filling stations slash petrol pump prices by over N200

Legit.ng earlier reported that Filling stations of major oil marketers across the country are offering fuel to Nigerians for as low as N630 per litre.

Since fuel scarcity started, the price has been over N200, which is cheaper than the N800 to N900 per litre of fuel sold at other filling stations.

Legit.ng observed that various outlets in Lagos owned by the seven major marketers—including 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy Marketing Limited, Total Nigeria Plc, and NNPC Retail—are selling fuel below N650 per litre to motorists.

Source: Legit.ng