{"id":129900,"date":"2024-09-04T15:34:04","date_gmt":"2024-09-04T14:34:04","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/fuel-pump-price-hike-nigerians-may-not-benefit-from-dangote-refinery-economist"},"modified":"2024-09-04T16:41:40","modified_gmt":"2024-09-04T15:41:40","slug":"fuel-pump-price-hike-nigerians-may-not-benefit-from-dangote-refinery-economist","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/fuel-pump-price-hike-nigerians-may-not-benefit-from-dangote-refinery-economist","title":{"rendered":"Fuel pump price hike: Nigerians may not benefit from Dangote Refinery \u2013 Economist"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>An economist, Johnson Chukwu, has said that with the Nigerian National Petroleum Company Limited, NNPCL in debt and unable to pay for Premium Motor Spirit, PMS, Nigerians may not benefit from the Dangote Refinery.<\/p>\n

He said while acknowledging that Dangote Refinery will save the country some logistics costs on shipping, insurance, among other expenses, the current indebtedness of the NNPC could prevent the expected benefits from getting to Nigerians.<\/p>\n

Speaking on Arise Television on Wednesday, the economist said, \u201cThe issue about the NNPC increasing the pump price of fuel on the same day that Dangote Refinery started the production of petrol should not be treated as a separate story. First of all you have to realise that they did mention that the NNPC is owing about $6b.<\/p>\n

\u201cHow did this debt come about? Because NNPC has been importing fuel and landing at a cost that is lower than the pump price and because it hasn\u2019t been able to recover the cost of importing fuel from the pump price of fuel, it has been accumulating this debt.<\/p>\n

\u201cReports in the media also have it that many oil dealing companies are reluctant to supply NNPC with refined petroleum products because they\u2019ve not been able to pay up the existing debts.<\/p>\n

\u201cNow NNPC has entered an agreement to offtake Dangote Refinery products and it also means that NNPC has to pay Dangote Refinery for any offtake of PMS and that payment must come from somewhere.<\/p>\n

\u201cSo we\u2019re still dealing with a situation where NNPC is not able to generate enough revenue from the sale of the refined products it\u2019s going to buy from Dangote then they\u2019ll start owing Dangote.<\/p>\n

\u201cAnd I don\u2019t think Dangote is in a position to sell on limitless credit to NNPC. That would somehow put Dangote in jeopardy.<\/p>\n

\u201cLike I have always said, it is either the federal government from the federation account deductions are made as a topline item to pay for fuel subsidy or somebody has to pay for it.<\/p>\n

\u201cIt\u2019s either the federal government has to be willing to pay for the subsidy from the federation account receipt or the NNPC won\u2019t be in the position to continue to import fuel or to buy fuel from Dangote Refinery. So…, if NNPC could not pay Dangote for the refined petroleum products, Nigerians will not get the benefits of Dangote Refinery.\u201d<\/p>\n

For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. An economist, Johnson Chukwu, has said that with the Nigerian National Petroleum Company Limited, NNPCL in debt and unable to pay for Premium Motor Spirit, PMS, Nigerians may not benefit from the Dangote Refinery. He said while acknowledging that Dangote Refinery will save the country some logistics costs on shipping, insurance, among […]<\/p>\n","protected":false},"author":84,"featured_media":129899,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,29,28,14,2660],"tags":[10513,14653,254],"class_list":["post-129900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-to-homepage","tag-dangote-refinery","tag-fuel-pump-price-hike","tag-nigeria"],"yoast_head":"\nFuel pump price hike: Nigerians may not benefit from Dangote Refinery \u2013 Economist - Nigeria<\/title>\n<meta name=\"description\" content=\"An economist, Johnson Chukwu, has said that with the Nigerian National Petroleum Company Limited, NNPCL in debt and unab ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/fuel-pump-price-hike-nigerians-may-not-benefit-from-dangote-refinery-economist\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fuel pump price hike: Nigerians may not benefit from Dangote Refinery \u2013 Economist\" \/>\n<meta property=\"og:description\" content=\"An economist, Johnson Chukwu, has said that with the Nigerian National Petroleum Company Limited, NNPCL in debt and unab ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/fuel-pump-price-hike-nigerians-may-not-benefit-from-dangote-refinery-economist\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-04T14:34:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-04T15:41:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/09\/sm_1725451880.081862.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"457\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/fuel-pump-price-hike-nigerians-may-not-benefit-from-dangote-refinery-economist#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/fuel-pump-price-hike-nigerians-may-not-benefit-from-dangote-refinery-economist\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Fuel pump price hike: Nigerians may not benefit from Dangote Refinery \u2013 Economist\",\"datePublished\":\"2024-09-04T14:34:04+00:00\",\"dateModified\":\"2024-09-04T15:41:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/fuel-pump-price-hike-nigerians-may-not-benefit-from-dangote-refinery-economist\"},\"wordCount\":425,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/fuel-pump-price-hike-nigerians-may-not-benefit-from-dangote-refinery-economist#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/09\/sm_1725451880.081862.jpg\",\"keywords\":[\"Dangote refinery\",\"Fuel pump price hike\",\"Nigeria\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"Policy\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/fuel-pump-price-hike-nigerians-may-not-benefit-from-dangote-refinery-economist#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/fuel-pump-price-hike-nigerians-may-not-benefit-from-dangote-refinery-economist\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/fuel-pump-price-hike-nigerians-may-not-benefit-from-dangote-refinery-economist\",\"name\":\"Fuel pump price hike: Nigerians may not benefit from Dangote Refinery \u2013 Economist - 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