Dangote Refinery To Set Petrol Prices Starting October – Report

Dangote Refinery To Set Petrol Prices Starting October – Report

Bloomberg confirmed on Thursday that the Dangote Petroleum Refinery will set petrol prices starting in October. Aliko Dangote, Chairman of Dangote Industries Limited (DIL), officially announced the refinery’s commencement of petrol production earlier this week……CONTINUE READING

Dangote indicated that petrol prices from his plant would be regulated by the federal executive council (FEC) and the Nigerian National Petroleum Company (NNPC) Limited. However, Bloomberg’s report suggests that the federal government is considering allowing the refinery to determine the petrol price directly.

Sources informed Bloomberg that Nigeria plans to permit Dangote to set the gasoline prices for petroleum marketers from next month. Consequently, petrol marketers will be able to purchase products directly from the Dangote Refinery.

Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity, also commented, stating that the Dangote Refinery will not sell petrol below market value. Ajayi explained that as a profit-driven enterprise, Dangote Refinery will adhere to market prices. He added that the NNPC and federal government will not control pricing for a private business, while the petroleum industry regulator will oversee product quality and ensure fair pricing to prevent exploitation.