Dangote Refinery: Petrol Price May Hit ₦1,000 And Above Per Litre – Gillis-Harry Gives Reasons

The national president of the Petroleum Retailers Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, has clarified the recent increase in petrol prices.

Naija News reports that the commodity’s price has risen to between ₦930 and ₦960 per litre from the previous ₦860 and ₦880 at MRS filling stations and other partners of Dangote Refinery.

Gillis-Harry, however, pointed out that Nigerians may soon face petrol prices reaching ₦1,000 per litre, depending on the results of the discussions regarding the Naira-for-crude deal between Dangote Refinery and the Nigerian Government, represented by the Nigerian National Petroleum Company Limited (NNPCL).

When asked by Daily Post in a recent interview about who should be held accountable for the recent surge in petrol prices, Gillis-Harry provided additional insights, saying: “Why are people blaming Dangote Refinery or the federal government? Has anybody confirmed that the government has stopped the Naira-for-crude deal?

“You can’t blame anyone. It’s the deregulation of the downstream sector. It’s the economic and environmental factors. That’s what we really need.

“So, that is why we feel that nobody should jump into the conclusion to say the deal has been stopped. And therefore, based on that, after all, between that time and today, NNPC was still supplying crude in Nigeria and Sudan. So, for now, you can’t conclude that it is because of that deal that we are in this current quagmire of pricing. PETROAN took the matter frontally with the Honourable Minister of Petroleum.

“And we were clearly explained that there are processes that are going on to review what has been done in the last 180 days, which ended today. And based on what we found out, the way forward was not in any way to stop. The way forward is not in any way to stop the Naira-for-crude deal.

“So, until that decision is made and pronounced, we cannot say that that has been stopped. And so, that cannot be the reason.

“And that is why we are careful that nobody should blackmail the system. And any information that’s coming out should have empirical evidence of reality. So, if I, as a businessman, determine that there are speculations for my enterprise and I want to take certain precautionary decisions, I’m free to do so because it’s my business.”

He asserts that the Dangote Refinery operates as a private enterprise within a free trade zone, granting it the autonomy to make decisions as it sees fit.

“In our view, these decisions should align with market pricing, especially considering it is the largest refinery in Africa.

“Nigerians take great pride in this achievement. Personally, I, Dr. Billy Gillis-Harry, feel immense pride in my association with Dangote Refinery,” he noted.

When asked to clarify whether he asserts that Dangote Refinery could be part of why most of the petrol dealers increased their prices, Gillis-Harry said: “Of course, they are. It has been known for a long time. Why the naira-for-crude is ongoing in Nigeria in the last six months, some PETROAN members are still buying in dollars. And a lot of our members had their invoices done in dollars, and they were paying. So, it did not pop up because of the reason.

“And then, like I said, there will be economic and environmental factors that will determine prices of products, goods, or services. So, if, for any reason, something has changed and that will respond to the price dynamics of demand and supply, so will it be. So, for me, I will blame it on the changes that are experienced in the economic price, I mean, the economic and environmental factors. That will be the reason for that. And I don’t think I want to hold anyone accountable specifically for that.

“So, if other refineries are also anticipating selling their products in dollars, then we would have dollarized the Nigerian economy, which would be a defeat for us because the naira would be crushed.”