Menu Close

Energy: Port Harcourt, Dangote refineries will guarantee products supply, not reduced fuel prices –Rewane

*Bismarck Rewane, CEO of Financial Derivatives Company, Lagos, projects the rehabilitated Port Harcourt Oil Refinery, Dangote Refinery, and the others will only guarantee sustained supply of petroleum products, and not improve the exchange rate situation in the Nigerian economy

Isola Moses | ConsumerConnect

Nigeria has entered the New Year 2024 with a number of functional oil refineries with potential to significantly improve production of petroleum products for energy consumers.

ConsumerConnect reports Mr. Bismarck Rewane, Chief Executive Officer (CEO) of Financial Derivatives Company (FDC), in Lagos, has however, hinted that the rehabilitated Port Harcourt Refinery, located in Rivers State, Dangote Refinery, in Lagos, and the others will only guarantee supply of petroleum products, and not reduce product prices nor make the exchange rate any better in the West African country’s economy.

Mr. Bismarck Rewane, Managing Director of FDC

Rewane, who stated this while featuring in a Channels TV’s ‘End of the Year Special’ monitored Sunday, December 31, 2023, in Lagos, spoke on the possibility of reduced prices of fuel being produced within the country.

The Managing Director of FDC declared: “It will not bring down the prices but will guarantee you supply.

“It would reduce the transportation cost of taking crude to Amsterdam, refining and bringing it back; that’s all.”

He also said: “It would guarantee you supply to the extent that the product is always available.

“Significantly, it would increase productivity.”

Rewane added the clincher: “But it’s not a silver bullet that would do anything, and it’s not going to do exchange rate any better” in Nigeria.

Kindly Share This Story

Kindly share this story