APC Chieftain urges Tinubu to intervene in Dangote refinery pump price

Olatunbosun Oyintiloye, a chieftain of the All Progressives Congress (APC) in Osun, has appealed to President Bola Tinubu to intervene in the possible downward review of the pump price of diesel being produced by the Dangote Petroleum Refinery.

Oyintiloye, who made the appeal in a chat with journalists on Sunday in Osogbo, said that the N1,225 pump price by the refinery was on the high side.

He noted that there should be a major difference between the pump price of imported diesel and that of indigenous refineries.

Oyintiloye, a former member of the defunct APC Presidential Campaign Council (PCC), said that the expectation of Nigerians was that the Dangote refinery would force the pump price of diesel and other petroleum products down and not the other way around.

According to him, the claim by the Independent Petroleum Marketers Association of Nigeria that the landing cost of the product is at N1,250 per litre following the Naira appreciation against the dollar shows the need for the president to intervene in the pump price of the local refinery.

Oyintiloye, a former lawmaker, said that since the product was being produced locally without the costs associated with the importation of the commodity into Nigeria, the price should be cheaper than what is being imported.

“There is no doubt that Nigerians are happy with the commencement of the operation of the Dangote Refinery in the country.

“We commend Alhaji Aliko Dangote for the project. It is a huge one for the benefit of our economy.

“That the refinery has started releasing petroleum products to the market is a thing of joy for all Nigerians and a sign of good things to come.

“It is what we are all looking for, but for it to have a positive impact on our economy, we appeal to the president to intervene in the pump price in the refinery.

“If some marketers are actually importing diesel at N1,250 according to IPMAN, and Dangote Refinery is selling at N1,225, then what is the gain?

“Since the indigenous refinery expenses on logistics in the area of importation, clearing, and other activities associated with bringing products into the country will be minimal, the managers of the refinery should review the price downward.

“Even in an actual sense, the N1,225 pump price will be worse for other marketers outside Lagos due to logistics expenses,” he said.

Oyintiloye, who noted that the Renewed Hope agenda of the president has started yielding appreciated results, said that in no time other indigenous refineries would be revived.