Following the dashed hope of a lower price of the premium motor Spirit (PMS), popularly called petrol from Dangote Refinery, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun appealed for time for the price of the product to be crashed.

Edun predicted that with sustained local petrol distribution, the fuel pump price will ultimately reduce.

Naomisophyblog reports that hopes of a cheaper petrol from the 650k barrels per day refinery were dashed on Sunday, Sept 15, 2024 when the Nigerian National Petroleum Company Ltd (NNPCL) revealed that the product was bought at N898 per liter, higher than the N885 the state oil company sells.

Reacting to the development during an interview on Channels Television on Sunday, the Minister disclosed that since today marks the commencement of petrol lifting from the Dangote Refinery, the federal government must give relevant oil stakeholders a chance to reduce petrol prices.

“We’re expecting that as this refinery, and even others, ramp up production, scale, and achieve greater economies of scale, there should be the opportunity—and there is definitely the potential—to reduce their costs, which should be passed on to the consumer.

“So, we have to give them a chance. They have just started, and they have done very, very well.”

“It’s a triumph for Alhaji Aliko Dangote, it’s a triumph for Mr. President, above all, but it’s also a very good day for Nigerians, and we look forward with optimism” he disclosed.

By: Babajide Okeowo

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