Dangote Speaks On Price Of Petrol As Refinery Begins Fuel Production

The chairman of Dangote Industries and owner of Dangote Refinery, Aliko Dangote, has disclosed that petrol from his refinery would be available in the markets within 48 hours.

Speaking on Tuesday at the refinery located in Ibeju-Lekki, Lagos State, Dangote stated that the pricing for the fuel would be determined by an arrangement which is designed and approved by the Federal Executive Council (FEC) led by President Bola Ahmed Tinubu.

While he didn’t mention a specific price, Dangote added that depending on the Nigerian National Petroleum Company (NNPC) Limited (NNPC), fuel from the 650,000 barrels per day refinery would be available at filling stations, but on their part, they are ready to roll into the market.

“Our PMS (Premium Motor Spirit) can be in filling stations within the next 48 hours depending on NNPCL,” he said.

On the specific price of petrol from his refinery, Dangote said: “It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, 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.”

He, however, assured that petrol and other products from the refinery would be of top quality, adding that it is “a celebration day” for Nigerians as the quality of products from the refinery matches that of the US and any other place in the world.

He assured that Nigerians “are now going to have good petrol while the engines of your vehicles will last longer. You will not be having an engine issue, which a lot of us were having. It won’t happen at all”.

“The quality here will match that of anywhere in the world; US, America, we will make sure that nobody will beat us in terms of quality.”

Naija News reports that the refinery has begun to supply diesel and aviation fuel to marketers in the country and is now adding petrol.

Since the removal of fuel subsidy in May 2023 by the Tinubu government, petrol prices soared from less than ₦200/litre to about ₦800/litre, with fuel currently selling around ₦1,000/litre in most cities in Nigeria due to the current scarcity of the product which the Nigerian National Petroleum Company (NNPC) Limited attributed to a debt owed to importers.