The Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, has said that Port Harcourt refinery, Dangote refinery, and the others will only guarantee supply and not make the exchange rate any better.
Appearing on Channels Television’s End of the Year Special, Rewane was asked if the price of fuel would fall since it would now be produced within the country.
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.”
