Why Dangote Refinery Didn’t Reduce Fuel Pump Price

Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi (17235 Views)

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Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by ijustdey(op): 10:43am On Oct 14, 2024

An oil and gas expert, Olabode Sowunmi, said Dangote Refinery did not commence domestic production of Premium Motor Spirit(Petrol) to sell at a cheap price to Nigerians.

Sowunmi disclosed this in an interview with Channels Television and monitored by DAILY POST on Monday.

He was speaking on the continued petrol pump hike which stood at N1030 per liter at the Nigerian National Petroleum Company retail outlets nationwide, despite the coming onboard of Dangote Petrol.

Reacting, Sowunmi explained it was misleading to assume that Dangote Refinery would reduce the price of petrol.

According to him, the business of Dangote Refinery refinery is not making a profit for its shareholders not to sell petrol at the cheapest prices.

He claimed that to the extent of Dangote Refinery being a business, its petrol price may be more expensive than imported ones.

“What the Dangote Refinery will do at the end of the day is to eliminate the cost of transportation if we were to import Petroleum products.

“But, it should be understood that it is a private refinery. They are not obliged as a private business to sell at the cheapest price but to sell at a price that will take care of their shareholders. To that extent, Dangote Refinery Petrol may not be cheaper than imported ones.”

Recall that Dangote Refinery commenced the sale of petrol on September 15, 2024, with NNPCL as the sole-off-taker.

Upon lifting Dangote Petrol, NNPCL increased the fuel price to N898 per liter.

DAILY POST reports that the latest hike in fuel price was on Wednesday when NNPCL retail outlets increased its price to N1030 per liter in Abuja.

Meanwhile, in September 2024, the President of Dangote Group, Aliko Dangote said that its Refinery’s petrol is 15 percent cheaper than imported ones.

https://dailypost.ng/2024/10/14/why-dangote-refinery-didnt-reduce-fuel-pump-price-sowunmi/#google_vignette

5 Likes 1 Share

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by tundegan: 10:50am On Oct 14, 2024

Aliko Dangote is a genius. He understands the market dynamics and has built his business around that.

23 Likes 1 Share

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by Zeebuy: 11:59am On Oct 14, 2024

Only fools expected dangote refinery to reduce price of fuel, and Nigeria seems to have an over-abundance of fools

58 Likes 5 Shares

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by slaawomirr: 11:59am On Oct 14, 2024

Damnnn niggar

Which means the worse is yet to come

Tayorshd87:
What else do we want to hear after this 🤔

Tell us when d fuel will come back to where u met it 😡

Damnnn niggar

It will never come down bro

Just prepare yourself for the worse and hope for the best

I dropped my lexus es 350 in compound for Almost three weeks now
Nor be me v6 2gr engine want dey suck he money for fuel

18 Likes 2 Shares

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by Tayorshd87(m): 11:59am On Oct 14, 2024

What else do we want to hear after this 🤔

Tell us when d fuel will come back to where u met it 😡

1 Like

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by Lazy9jaYouth: 12:00pm On Oct 14, 2024

We are the ones devoid of understanding; Dangote's product - Sugar, Cement, Spaghetti etc weren't cheaper than their competitive products, why assume petrol will be cheaper?
Don't forget; in the beginning there was first, a ban on importation of household commodities hereby giving the same Dangote a leverage. . . . .
This is just a repeat of history
grin

42 Likes 2 Shares

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by Afrobasic(m): 12:00pm On Oct 14, 2024

APC e-rats told us it would.

18 Likes

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by adioolayi(m): 12:00pm On Oct 14, 2024

Is it the same PDP Mr Segun Sowunmi huh

If na him..Mr Sowunmi should focus on uniting PDP and leave us with all his rants jare..

Afterall, all Nigeria's Politicians are same and same only..

Wicked souls!!

NB: This one na Olabode Sowunmi....so, not him.

I just dey beef all the politicians...dem dey craze

13 Likes 1 Share

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by JohnieWalker12(m): 12:00pm On Oct 14, 2024

This country sha

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by ojun50(m): 12:00pm On Oct 14, 2024

Every day one sobo or the other

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Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by Basicend: 12:00pm On Oct 14, 2024*

NNPCL and Marketers should buy refined fuel from the cheapest terminal, and with relative quality.

Dangote facility is a personal business, and it cannot be forced on the entire citizens of the country via a monopolistic agreement. . As we already have in some sectors.

If importation of the product will be cheaper for independent marketers or NNPCL, please engage that path and cut off Dangote coy.

It is the masses that bear the weight of the end-price. So govt should act in the benefit of the majority.

Dangote can continue to export it's refined products abroad. . He wants to quickly recover his invested funds at the expense of already over-burdened masses.

7 Likes 2 Shares

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by Stanweezy(m): 12:01pm On Oct 14, 2024

Let's continue to wail

1 Like

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by illuminutty: 12:01pm On Oct 14, 2024

All of you should getat abeg.

4 Likes

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by RZArecta(m): 12:01pm On Oct 14, 2024

tundegan:
Aliko Dangote is a genius. He understands the market dynamics and has built his business around that.

E no go better for whoever do you this thing walahi cool

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by omobolarinwa1(m): 12:01pm On Oct 14, 2024

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by MadPolitician: 12:03pm On Oct 14, 2024

Has Dangote been responsible for the reduction of prices in any areas where he dominates? One single example will do.. Just one. Sometimes he eagerly comes in as a blessing, but will quickly settle in as a the real curse.

Is it in Cement? Sugar? Floor? Now oil. Stop running from pillar to post trying to fabricate excuses for a generational shylock determined to milk the last drop of blood from his dying people.

Dangote is built like that. His idea of generating wealth is to corner a section of the national economy, become a monopoly, and raise prices to the high heavens. Dude is ruthlessly merciless

5 Likes

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by omobolarinwa1(m): 12:03pm On Oct 14, 2024

Indeed

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by arantess: 12:04pm On Oct 14, 2024

tundegan:
Aliko Dangote is a genius. He understands the market dynamics and has built his business around that.

but you zombies and cornfused lots claimed the refinery would solve the issue of heaven and earth...

you back tracking now like a retard

6 Likes

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by onome25(m): 12:04pm On Oct 14, 2024

ijustdey:
https://dailypost.ng/2024/10/14/why-dangote-refinery-didnt-reduce-fuel-pump-price-sowunmi/#google_vignette

I beg make Una shift jare👺

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by Omalicious1: 12:04pm On Oct 14, 2024

ijustdey:
https://dailypost.ng/2024/10/14/why-dangote-refinery-didnt-reduce-fuel-pump-price-sowunmi/#google_vignette

Just simply say that we always value imported things more than our own local products. Shun all this big Big grammar.

1 Like

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by mytime24(f): 12:05pm On Oct 14, 2024

Scam

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by Dbegining: 12:05pm On Oct 14, 2024

We vehemently told agbado miscreants that Dangote wasn't building that refinery to solve Nigeria's problem but to make profit l. They said no.

Now we are telling them, Giving Dangote monopoly powers in the oil sector is dangerous and will be disastrous!!

The president shouldn't try it!

1 Like

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by mejetov422: 12:06pm On Oct 14, 2024

Hmmm

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by Ringstonermask: 12:07pm On Oct 14, 2024

I keep telling Nigerians. Dangote is not ur friend. He is a business man that would plung this country six feet under if it will get him more money.

He doesn't care about u or me. He cares about his paper, and how to make sure he gets monopoly in refining petroleum.

2 Likes

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by valentineuwakwe(m): 12:07pm On Oct 14, 2024

Oga Olabode Sowunmi abeg stop all this 'mathematical' talks...those in power n especially the NNPC knows the game they are playing.....las las the masses are the CHECKMATE!

2 Likes

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by mikeapollo: 12:08pm On Oct 14, 2024

Zeebuy:
Only fools expected dangote refinery to reduce price of fuel, and Nigeria seems to have an over-abundance of fools

The PMS from Dangote Refinery is only expensive because we have a useless govt and a ciorrupt NNPC that manipulated things so much so that Dangote fuel has to be as expensive as the imported fuel because the NNPC thieves wanted to find a way to justify the continued importation of fuel.

Otherwise, what the govt should do is to sell the crude oil to Dangote at an agreed price in naira and demand that Dangote sell the refined product at an agreed price to the public. Even if there is a shortfall, the FGN could se part of the Excess Crude account to cushion the shortfall so that NNPC does not incur losses. In that way, fuel would be cheaper and there would be no payment of subsidies to private hands, but only to NNPC official/statutory accounts.

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by Akpaamunsi: 12:08pm On Oct 14, 2024

What South West people cannot do doesn't exist

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by Nobody: 12:08pm On Oct 14, 2024

Hmmm... One thing is certain it might not be our time, all these nonsense will stop one day

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by LockDown69(m): 12:09pm On Oct 14, 2024

if you run a business, you wouldn't dare to dream of this happening in the first instance. Besides, Dangote refinery has stakeholders who will inturn want a good return on their investment. Una still dey play for this country. grin

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by efighter: 12:10pm On Oct 14, 2024

Busy body, go and establish your own refinery

Re: Why Dangote Refinery Didn’t Reduce Fuel Pump Price – Sowunmi by Tallesty1(m): 12:10pm On Oct 14, 2024

Zee-buy:
Only fools expected dangote refinery to reduce price of fuel, and Nigeria seems to have an over-abundance of fools

You mean Agbadorians?

1 2 3 Reply

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