The Crude Oil Refiners Association of Nigeria (CORAN) has proposed a collaborative effort with the Federal Government to end the importation of refined petroleum products within 18 months.
According to CORAN’s Publicity Secretary, Eche Idoko, local refineries, including the Dangote Petroleum Refinery, can meet Nigeria’s fuel needs if the government supports their plans.
Idoko emphasized that tackling inflation requires addressing the high cost of fuel, urging the government to involve local refiners in their plans.
Idoko noted that crude theft is a significant challenge, but with local refineries, theft can be reduced, and production increased.
CORAN is seeking government support to ensure crude oil is sold in naira, not dollars, and that international oil companies sell crude oil to local refineries at a lower price.
The President of Dangote Group, Aliko Dangote, denied allegations of seeking a monopoly, citing the renovation of government-owned refineries as evidence.
Nigerians are calling for government support for local refineries to crash fuel prices and strengthen the naira.
Dangote announced plans to begin petrol supply between August 10 and 12, but an official hinted that the refinery might export petrol if the crude crisis persists.
