Government to Decide Petrol Prices, Says Aliko Dangote

Aliko Dangote, President of the Dangote Group, has revealed that the pricing of Premium Motor Spirit (PMS), commonly known as petrol, from his newly launched refinery will be determined by the Presidential Executive Council (FEC) and President Bola Ahmed Tinubu. Dangote made this disclosure during an interview with Channels Television following the announcement of the commencement of petrol production at his refinery on Tuesday.

The refinery, which has a capacity of 650,000 barrels of oil per day, is expected to begin distributing petrol to filling stations across Nigeria within 48 hours under the management of the Nigerian National Petroleum Corporation Limited (NNPCL). Dangote also emphasized that the pricing of the refined products will be guided by the decisions made by the FEC.

“This is an arrangement created and approved by the Federal Executive Council, led by its President General Bola Ahmed Tinubu. Once the decision is finalized, we could be ready to launch the market today or tomorrow,” Dangote stated.

He also highlighted that the ongoing $20 billion investment would mark the end of negotiations with NNPCL to ensure the delivery of petroleum products to Nigerians. The announcement comes as the Dangote Refinery, one of the largest in Africa, officially begins its operations, aiming to reduce Nigeria’s reliance on imported fuel and stabilize the nation’s fuel supply.

This move is seen as a significant step towards addressing the recurring fuel scarcity in Nigeria, with the hope that local production will lead to more stable prices and availability of petrol across the country.