‘Dangote, Port Harcourt refineries won’t reduce fuel price’ – Rewane

According to Bismarck Rewane, the CEO of Financial Derivatives Company, the refineries in Port Harcourt, Dangote, and other locations will merely ensure supply; they will not improve the exchange rate.

When Rewane appeared on Channels Television’s End of the Year Special, they questioned if fuel prices would decrease because it would now be produced domestically.

According to him: “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.

“It would guarantee you supply to the extent that the product is always available. Significantly, it would increase productivity, but it’s not a silver bullet that would do anything, and it’s not going to do exchange rate any better.”

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