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Following the dashed hopes for a reduction in the price of premium Spirit Motor (PMS), popularly known as petrol from the Dangote Refinery, the Minister of Finance and Coordinating Minister for Economic Affairs, Mr Wale Edun has pleaded for time for the price of the product to be reduced.
Edun predicted that with continued local gasoline distribution, fuel prices at gas stations would eventually fall.
Ripples Nigeria reports that hopes for cheaper petrol from the 650,000 barrels per day refinery were dashed on Sunday, September 15, 2024 when the Nigerian National Petroleum Company Ltd (NNPCL) revealed that the product was purchased at N898 per litre, higher than the N885 sold by the state-owned oil company.
Reacting to the development during an interview on Channels Television on Sunday, the Minister disclosed that since today marks the commencement of the lifting of petrol from the Dangote Refinery, the federal government should give relevant oil stakeholders an opportunity to lower the price of petrol.
ALSO READ: Dangote refinery blames NNPCL over N898/litre price claim
“We hope that as these refineries, and indeed others, increase production, scale, and achieve greater economies of scale, there will be opportunities—and certainly potential—to reduce their costs, which should be passed on to consumers.
“So, we have to give them a chance. They’ve just started, and they’ve done very, very well.”
“This is a victory for Alhaji Aliko Dangote, a victory for Mr President, most of all, but it is also a very good day for the people of Nigeria, and we look forward to it with optimism,” he said.
By: Babajide Okeowo
The post High petrol costs: Give Dangote refinery and others time, Edun pleads appeared first on Latest Nigeria News | Headlines from Ripples Nigeria.
