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    ALMOND 94.3 FM Ibadan


Dangote accuses IOCs of manipulating crude oil prices

todayJune 24, 2024 4

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International Oil companies (IOCs) are frustrating the efforts of the Dangote Industries Limited to make fuel available to Nigerians at cheap cost.

The Vice-President for the Dangote group Oil and Gas, Devakumar Edwin, who disclosed this said the IOCs are deliberately and willfully frustrating the refinery’s efforts to buy local crude by hiking the cost above the market price, thereby forcing the refinery to import crude from countries as far as the United States with its attendant high costs.

He added that though the Nigerian Upstream Petroleum Regulatory Commission was trying its best to allocate crude oil for the 650,000-capacity refinery, the IOCs sometimes made the refinery pay $6 over and above the market price.

Dangote Vice President pleaded with the Federal Government and the National Assembly to urgently intervene for speedy implementation of the PIA and to ensure the interest of Nigeria and Nigerians are protected.

It will be recalled that the CEO of the Dangote Group, Aliko Dangote also revealed that both local and international cartels, which he described as “mafia”, made repeated attempts to sabotage the $19bn refinery project located in Lagos.

Written by: Almond News

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