JUST IN: Dangote Speaks On Petrol Pricing from His Refinery

Aliko Dangote, the prominent Nigerian businessman, disclosed on Tuesday that the Federal Executive Council (FEC) is developing a new pricing model for petrol produced at the Dangote Refinery.

The refinery, with a capacity of 650,000 barrels per day, officially launched its refined petrol on Tuesday. Dangote mentioned that the product would be available at filling stations within 48 hours, contingent on the national distribution network.

Regarding the retail price, Dangote stated, “The pricing arrangement has been designed and approved by the Federal Executive Council, led by His Excellency, President Bola Ahmed Tinubu. Once finalized, which President Tinubu is actively pursuing, and once negotiations with the Nigerian National Petroleum Corporation (NNPC) are completed, we are ready to begin market distribution—this could happen as soon as today or tomorrow.”

In June, President Tinubu authorized the sale of crude oil to the Dangote Refinery in naira, a decision aimed at reducing the prices of domestically refined petroleum products. Dangote noted that this initiative would decrease the demand for foreign exchange by 40%.

“I want to commend the people of Nigeria and the administration of President Bola Tinubu for creating an environment that allows us to thrive and achieve this monumental milestone of providing energy for growth and prosperity,” Dangote said. “I also want to thank President Tinubu for the innovative concept of exchanging naira for crude and naira for refined products. This approach will stabilize the naira and significantly reduce the demand for dollars, curbing issues like round-tripping.”