• News - South West - Osun
  • Updated: April 14, 2024

Intervene in refinery pump price — APC chieftain appeals to Tinubu

Intervene in refinery pump price — APC chieftain appeals t

President Bola Tinubu has been urged to ensure  a downward review of the current pump price of the Automotive Gas Oil known as diesel being produced by the Dangote Petroleum Refinery.

The call was made by Olatunbosun Oyintiloye, a chieftain of the All Progressives Congress (APC) in Osun State.

Oyintiloye, who made the appeal while addressing a news conference in Osogbo, said that the N1,225 pump price by the refinery was on a high side for a product coming from an indigenous company.

He opened that there should be a major difference between the pump price of imported diesel and the one coming from an indigenous refinery.

He also said Nigerians were of the belief that once Dangote refinery started producing, it would force price of diesel and other petroleum products down. 

The APC chieftain said that the information by the Independent Petroleum Marketers Association of Nigeria (IPMAN) that  the product was being brought in by importers at the rate of N1,250 per litre following the appreciation of the Naira against the Dollar was pointer to the fact that the president's urgent intervention would be needed in fixing the price of product coming from a local refinery.

Oyintiloye said that since the product was being produced locally without vessel cost, import charges, and other costs associated with the importation of the commodity into Nigeria, the price should be cheaper than what is being imported.

"There is no doubt that Nigerians are happy with the commencement of the operation of the Dangote Refinery. We commend Alhaji Aliko Dangote for the project. It is a huge one for the benefit of our economy.

"That the refinery has started releasing Petroleum products to the market is a thing of joy for all Nigerians and a sign of good things to come. It is what we are all looking forward to, but for it to have a positive impact in our economy, we appeal to president to intervene in fixing the price of the products coming from the refinery.

"What will be the justification that a product coming from Lagos is having same cost as the one imported from another continent? Nigerians are sensitive, they will ask questions.

"If some marketers are actually importing diesel at N1,250 according to IPMAN, and Dangote Refinery is selling at N1,225, then what is the essence that a Nigerian company is producing for us?

"Since the product is coming from an indigenous refinery, expenses on logistics in the area of  importation, clearing, and other activities associated with bringing products into the country will be very minimal. The managers of the refinery should review the price downward.

"In actual sense, the N1,225 pump price will be too high for other marketers outside Lagos due logistics expenses," he said.

Oyintiloye, who noted that the Renewed Hope Agenda of the president had started yielding appreciate results, said that in no distance time, other indigenous refineries would be revived, making petroleum products to be cheaper.

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