The Nigerian government announced it will not fix prices for the new Dangote Refinery, leaving the company’s rates to be determined commercially.
Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), gave the assurance.
Speaking in Abuja during a meeting with key oil marketing companies, Ahmed stated that whatever price the company sells will affect the agreement between both parties.
NMDPRA boss stressed that though the government was encouraging local refining of petroleum products to reduce imports, it would not compel oil marketers to buy from Dangote Refinery as the decision was commercial.
His words
Earlier, TimesNow.com.ng reported that several filling stations nationwide have adjusted their pump prices in reaction to the scarcity.
In Lagos, some filling stations sell at N650 per litre, while in states such as Abia, it costs N700 to N750 per litre.
The scarcity is even worse in the northern part of the country, with reports of the black market selling a litre of fuel for as high as N2,000.
Source: TimesNow.com.ng
