Businessman Aliko Dangote announced on Tuesday that the Federal Executive Council (FEC) is working on establishing a new pricing structure for petrol produced at the Dangote Refinery.
The refinery, which boasts a capacity of 650,000 barrels per day, officially launched its refined petrol on Tuesday, with Dangote indicating that the product should be available at filling stations within the next 48 hours, contingent on national distribution logistics.
On the topic of retail pricing, Dangote explained, “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 finalized, 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.”
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In June, President Tinubu had approved the sale of crude oil to the Dangote Refinery in naira, a decision aimed at lowering the prices of domestically refined petroleum products. Dangote highlighted that this measure would reduce the need for foreign exchange by 40 percent.
“I would like to salute the people of Nigeria and the government of President Bola Tinubu for creating the environment for us to thrive and also achieve this monumental task of providing energy for growth and prosperity,” Dangote said.
He also expressed appreciation to President Tinubu for the initiative of using naira for both crude oil and refined products, noting that this strategy would bring significant stability to the naira and reduce the demand for dollars by 40 percent, addressing concerns related to round-tripping and further economic stability.
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