Aliko Dangote Sends Message to Nigerians on Refinery Petrol Prices as Otedola Expresses Excitement
- Aliko Dangote has a message for Nigerians regarding the pricing of petrol from his refinery, as tankers are set to load
- The refinery, which recently began production, has been praised as a game-changer, and Femi Otedola has also expressed excitement
- Petrol from the refinery is expected to be made available to Nigerians in a few days’ time as NNPC and Dangote complete formalities
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The chairman of Dangote Group, Aliko Dangote, has announced that the price of petrol from his refinery will be determined by the Federal Executive Council (FEC).
Source: Getty Images
Dangote disclosed this while speaking to journalists on Tuesday, September 8, 2024, while presenting the first sample of petrol from the refinery.
According to Africa's richest man, the pricing decision is imminent and Nigerians will soon be able to buy at filling stations.
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Dangote noted that an announcement would follow a meeting with the Nigerian National Petroleum Corporation (NNPC) on Tuesday or Wednesday.
He said:
“On pricing, it is an arrangement which is designed and approved by the Federal Executive Council, led by President Bola Ahmed Tinubu.
“As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.”
Dangote also assured that the petrol from the refinery would meet global quality standards, Vanguard reports.
Nigerian billionaire also noted that an announcement would follow a meeting with the Nigerian National Petroleum Corporation (NNPC) on Tuesday or Wednesday.
He added:
“As soon as this is finalised, our products will start going to the market. Our gasoline can be in filling stations in the next 48 hours, depending on NNPC."
NNPC limited filling stations have already adjusted their petrol prices from N567 and N617 per litre to over N800 per litre.
Private filling stations, which have been selling at N800 per litre for weeks now, have adjusted their pump prices to above N1,000 in some states.
Otedola shares excitements
Meanwhile, Femi Otedola, Chairman of Geregu Power has congratulated Dangote for his achievements with the refinery.
In a post on X (formerly Twitter), Otedola said that the refinery would change the fuel markets in Nigeria.
He said:
“It is time to dismantle those depots and sell them as scrap while the market is still high,” Otedola said, referencing his previous ventures in the depot business. He emphasized that Dangote’s efforts have ended Nigeria’s reliance on foreign sources for fuel and dealt a “decisive blow” to local cabals who profited from the country's dependency on imports.
“These cabals, who have thrived by keeping Nigeria dependent, must now face the reality that their era of easy gains is drawing to a close."
NMDPRA gives update on Dangote refinery production
In a related development, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) signed an agreement with NNPC Limited to supply crude oil to Dangote Refinery in naira.
According to a message posted on NMDPRA’s X (formerly Twitter) handle on Tuesday, the refinery will supply an initial 25 million litres of petrol to the domestic market this September, with plans to increase capacity to 30 million litres per day by October 2024.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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