New Telegraph

Dangote refinery’ll address supply shortages, price hike – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday said the new Dangote Refinery will address fuel shortage and price hike in the country.

Chinedu Anyaso, chairman of IPMAN, Enugu community depot in charge of Anambra, Ebonyi and Enugu states, said this in an interview with the News Agency of Nigeria (NAN) in Awka.

NAN reports that the $18.5 billion Dangote Refinery with 650, 000 barrel per day production capacity was inaugurated by President Muhammadu Buhari on Monday.

Anyaso envisaged initial increase in pump price, but said it would decrease in the long run.

“They will buy locally, refine and sell locally, we will no longer need forex to import products, but rather, it will sell refined products and earn us forex.

“It is a welcome development,” he said.

The IPMAN chairman urged the Federal Government to revive its four refineries and optimise their production to support what Dangote would produce, to ensure full sufficiency of the products.
He thanked Muhammadu Buhari administration for signing the Petroleum Industry Act (PIA) which encouraged private sector investment in the oil and gas industry.

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