Aliko Dangote, President of Dangote Industries Limited, has explained that the recent drop in the price of Premium Motor Spirit (petrol) to N899.50 per litre at his refinery’s loading point was due to market conditions. He emphasized the need to protect both the company’s investments and its interests, noting the $20 billion investment in the Dangote refinery.
On December 19, 2024, Dangote’s refinery reduced its ex-depot price from N970 to N899.50 per litre, which increased competition in the downstream sector. In reaction, the Nigerian National Petroleum Corporation Limited (NNPCL) also lowered its ex-depot price to N899 per litre. Additionally, the refinery partnered with MRS Petrol station to retail petrol at N935 per litre across the country.
Dangote further explained that the 650,000 barrels per day refinery would not only revolutionize Nigeria’s oil sector but also bolster the nation’s economy. He mentioned that importing petroleum products uses up a lot of foreign currency, which puts a strain on Nigeria’s financial reserves. He also admitted that criticism is unavoidable, but he pushed forward with this project as a way to show his love for the country and to create something that will benefit Nigeria for years to come.
