Dangote Refinery, one of the largest oil refineries in Africa, is facing challenges with low patronage from petroleum marketers due to its decreased pricing strategies.
The refinery has revealed that local petroleum product importers in Nigeria have raised concerns with President Bola Tinubu about the impact of its diesel price reduction to N900 per litre on their businesses. Devakumar Edwin, Vice President of Dangote Industries Limited, shared these insights during a Twitter Spaces session organized by Nairametrics.
Edwin mentioned that a significant majority of petroleum product importers in Nigeria are not procuring from Dangote Refinery. The refinery is currently struggling to sell around 29 tankers of diesel daily due to this reduced local demand, leading to the need for exporting most of its diesel and aviation fuel.
Additionally, petroleum product marketers have expressed their worries to President Bola Tinubu regarding how the successive price cuts by Dangote Refinery—from N1,200 to N1,000 and eventually to N900 per litre—are impacting their operations negatively.
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