Yemisi Izuora
Petroleum Refinery and Petrochemicals reviewed downward its ex-depot (gantry) loading cost of petrol to ₦865 per litre, while at the same time boosts export of refined petroleum products.
The refinery management informed its marketers and customers of the slash on Thursday, April 10.
The price reduction, energy analysts said, is connected to the global drop in oil price, with oilprice.com the current Brent crude oil price at $ 63.86 per barrel.
Meanwhile, Dangote Petroleum Refinery says it has began exporting refined petroleum products to many African, European, American and Asian markets.
The Deputy Regional Director, South East, Dangote Cement, Mr Ayirioritse Okerentie, made the disclosure at the ongoing 36th Enugu International Trade Fair on Dangote Special Day.
The regional director listed the products to include aviation fuel and naphtha, Premium Motor Spirit (PMS) and automotive gas oil.
Okerentie said the theme for the fair, “Developing Nigeria Industrial Sector/SMEs for Economic Advancement & Global Recognition” resonated with the Dangote Industries Ltd.
He said the industry created millions of both direct and indirect employments for people of diverse skills such as administrators, accountants, engineers, technicians, marketing and sales among other.
Okerentie explained that Dangote Petrochemical Complex had kicked off the production of polypropylene, a major raw material used in textile, plastic, furniture and pharmaceutical sectors.
“Our intervention in road construction, through partnerships with both federal and state governments, is well documented.
“Dangote Group has actively participated in road construction and rehabilitation projects aimed at improving transport conditions. We reconstructed the Obajana-Kabba road as well as the Apapa-Oshodi-Oworonshoki expressway in Lagos.
“We are reconstructing the Ibeju-Lekki Expressway using concrete. Concrete roads are more durable than the normal asphalt roads, with an estimated lifespan of 100 years.
“Dangote cement operations in over 10 African countries, the group has facilitated the export of cement from Nigeria to other African markets.
“It is on record that Dangote Cement enabled Nigeria to attain self-sufficiency in local production of cement. Nigeria is not only a leading producer of cement, but our export capacity has helped reduced pressure on foreign exchange.
“Dangote Sugar is a leading brand that has made a remarkable impact on the Nigerian sugar sector.
”The company is committed to ensure that Nigeria ends the importation of raw sugar into the country by actively intensifying its execution of the Sugar Backward Integration.
“Similarly, to support government in Food Security, we are also investing in the agricultural sector. These agricultural products will soon be in the market. Dangote salt is refined from the finest quality sea-salts,” he said.
He explained that the expectations were that through this Trade Fair, they would be able to expand awareness for their innovative products, generate sales, get prospective buyers, improve the image of their brands.
In a welcome address, the President Enugu Chamber of Commerce Industry Mining and Agriculture ( ECCIMA), Mr Odeiga Jideonwu applauded Dangote Industries for being a major sponsor of the fair for the past four years.
The president represented by the first Deputy President, Mr Eric Chime, said that recent investment of Dangote into oil and gas industry had taken the company to another level, especially in regulating the prices of petroleum products in Nigeria.
The ECCIMA called on the Federal Government to give the Company all the needed support to continue to bring smiles on the faces of Nigerians.
Meanwhile a report has shown that Nigeria has the cheapest petrol price in West Africa and the 13th in the world.
According to globalpetrolprices.com, the price of a litre of petrol in Nigeria is far below $1, even if sold at N1,000.
For comparison, the global average price of gasoline at the moment is N1,922, about 100 per cent higher than the cost in Nigeria.
The report puts Nigeria’s average petrol price at $0.6 per litre at the moment. The product rose to an average of ₦940 recently after the Dangote refinery stopped the sale of petroleum products in naira.
In Liberia, the price of petrol is $0.87, which is equivalent to N1,365. In Ghana, a litre sells for N1611.
The people of the Benin Republic buy petrol at about N1,817 per litre, while those in Togo pay N1,778.
Premium Motor Spirit is sold for around N2,089 per litre in Cape Verde and N2,170 in Guinea.
In Burkina Faso, petrol sells for N2,223; N2,172 in Sierra Leone, N2,172 in Ivory Coast, N2,589 in Senegal, and N2,235 in Mali.
Globalpetrolprices.com disclosed that Libya has the cheapest petrol price globally at N42 per litre, followed by Iran at N45 and Venezuela at N54.
In Angola, Egypt, and Kuwait, the fuel is sold at N512, N518, and N533, respectively.
On the contrary, Hong Kong has the highest petrol price at N5,410 per litre. It was followed by Iceland at N3,655, Denmark at N3,375, the Netherlands at N3,268, and Israel at N3,128.
“The average price of gasoline around the world is 1922.72 Nigerian naira per litre. However, there is a substantial difference in these prices among countries,” the report partly read.
It was stated that as a general rule, richer countries have higher petrol prices, while poorer countries and the countries that produce and export oil have significantly lower prices.
However, one notable exception is the United States, which is an economically advanced country but has low gas prices of about N1,413 per litre.
Globalpetrolprices.com stated that the differences in prices across countries are due to the various taxes and subsidies for petrol.
It explained, “All countries have access to the same petroleum prices as international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different.”