Juliet Buna
Oil marketers clarified on Monday that the refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters.
According to The PUNCH, the National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, admitted that it was true that crude oil, being an international commodity, was sold to the plant in dollars.
He, however, said that this would not make the plant to sell refined petroleum products to the Nigerian market in dollars, stressing that other businesses operated in Nigeria by Africa’s richest man were carrying out their transactions in naira.
“The legal tender in Nigeria is the naira. The cement being sold by Dangote Cement is done in naira, not in dollar. The spaghetti and other essential commodities that he is involved in are all sold in naira.
“So why should one think that he will now sell fuel in dollars? Except for the offshore sales for those who want to move the refined products out of Nigeria using vessels to transport them to other countries. Such customers may get theirs in dollar equivalent,” Ukadike stated.
He, however, noted that another important thing was for the Nigerian government to be able to close up the widening gap in the foreign exchange rate.
“If the exchange rate for the dollar is low, petroleum products would have been cheap in Nigeria, because the products are imported. So I believe that Dangote will definitely sell the products in our local currency, which is naira,” he stated.
Asked if marketers had been briefed on whether products would be sold in naira or dollars, considering the fact that crude was supplied to the plant in dollars, Ukadike replied, “No, the pricing template has not come out. What is going on now is legislation. The template is not yet out.”
