Aliko Dangote, Chairman of Dangote Group, announced on Tuesday that the pricing of petrol produced at his 650,000 barrels-per-day facility will be determined by the Federal Executive Council (FEC).
Dangote stated that once final arrangements are made with the Nigerian National Petroleum Company Limited (NNPCL), petrol from the refinery could be available in the market within 48 hours.
On the subject of pricing, Dangote said, “It is an arrangement designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu. As soon as it is finalized, we are ready to roll into the market.”
He emphasized the high quality of the petrol, assuring Nigerians that it would prevent engine issues and match global standards. Dangote referred to this achievement as “a celebration day” for Nigerians.
The refinery, which started operations last December at a reduced capacity of 350,000 barrels per day, aims to reach its full 650,000 barrels-per-day capacity by the end of the year. It has already begun supplying diesel and aviation fuel, and now petrol.
Nigeria, which faces persistent energy challenges and relies heavily on imported refined petroleum products, saw fuel prices triple after the removal of subsidies in May 2023, making the Dangote Refinery’s output crucial for the nation’s energy security.
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