The chairman of Dangote Group, Aliko Dangote, has announced that the price of petrol from his refinery will be determined by the Federal Executive Council (FEC).
Dangote disclosed this while speaking to journalists on Tuesday, September 8, 2024, while presenting the first sample of petrol from the refinery.
According to Africa’s richest man, the pricing decision is imminent and Nigerians will soon be able to buy at filling stations.
Dangote noted that an announcement would follow a meeting with the Nigerian National Petroleum Corporation (NNPC) on Tuesday or Wednesday.
He said:
Dangote also assured that the petrol from the refinery would meet global quality standards, Vanguard reports.
Nigerian billionaire also noted that an announcement would follow a meeting with the Nigerian National Petroleum Corporation (NNPC) on Tuesday or Wednesday.
He added:
NNPC limited filling stations have already adjusted their petrol prices from N567 and N617 per litre to over N800 per litre.
Private filling stations, which have been selling at N800 per litre for weeks now, have adjusted their pump prices to above N1,000 in some states.
Meanwhile, Femi Otedola, Chairman of Geregu Power has congratulated Dangote for his achievements with the refinery.
In a post on X (formerly Twitter), Otedola said that the refinery would change the fuel markets in Nigeria.
He said:
In a related development, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) signed an agreement with NNPC Limited to supply crude oil to Dangote Refinery in naira.
According to a message posted on NMDPRA’s X (formerly Twitter) handle on Tuesday, the refinery will supply an initial 25 million litres of petrol to the domestic market this September, with plans to increase capacity to 30 million litres per day by October 2024.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
