Dangote Reveals Petrol Pricing Strategy as Refinery Commences Fuel Production.
Aliko Dangote, the chairman of Dangote Industries and owner of the Dangote Refinery, announced that petrol from his newly operational refinery will reach the market within the next 48 hours.
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Speaking at the refinery in Ibeju-Lekki, Lagos State, Dangote stated that the pricing of the fuel would be determined by a plan approved by the Federal Executive Council (FEC) under President Bola Ahmed Tinubu’s leadership.
While he did not specify a price, Dangote mentioned that the availability of petrol at filling stations would depend on the Nigerian National Petroleum Company (NNPC) Limited.
“Our PMS (Premium Motor Spirit) can be in filling stations within the next 48 hours depending on NNPCL,” he said.
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Dangote further assured Nigerians that the petrol and other products from the 650,000 barrels per day refinery would be of top quality, matching international standards.
He emphasized that this development marks a significant milestone for Nigeria, promising longer-lasting vehicle engines and improved fuel quality.
This announcement comes as Nigeria grapples with soaring fuel prices, which have surged from under ₦200/litre to nearly ₦1,000/litre following the removal of fuel subsidies in May 2023 by the Tinubu administration.
The current scarcity, attributed to a debt owed to importers by NNPC, has left many cities across the country struggling with inflated fuel costs. The commencement of petrol production at the Dangote Refinery is expected to bring much-needed relief to the market.
