Business
Dangote refinery faces challenges as petroleum marketers shun local purchases
Dangote Refinery has raised concerns over the lack of support from petroleum marketers, citing low pricing strategies as a major obstacle to its product sales.
During a Twitter Space session hosted by Nairametrics, Devakumar Edwin, Vice President of Dangote Industries Limited, revealed that an overwhelming 95% of Nigeria’s petroleum product importers are not purchasing from the refinery.
The refinery is struggling to sell approximately 29 tankers of diesel daily due to low patronage from local importers. As a result, Dangote Refinery is forced to export most of its diesel and aviation fuel. Edwin explained that the refinery’s competitive local prices, which have dropped from N1,200 to N1,000 and now N900 per liter, have negatively impacted the businesses of petroleum marketers.
In a letter to President Bola Tinubu, petroleum marketers expressed concerns that the refinery’s pricing strategy is affecting their operations. As the refinery continues to struggle with low domestic demand, it remains to be seen how this situation will unfold and what measures will be taken to address the concerns of both the refinery and petroleum marketers.
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