Business

Dangote: Federal Executive Council to Set Petrol Prices for us

Published by Tope Fakinlede on September 4th, 2024.

Dangote: Federal Executive Council to Set Petrol Prices for us

Aliko Dangote, the chairman of Dangote Industries Limited, has announced that the federal executive council (FEC) will decide the price of petrol from his refinery.

Speaking at a press conference in Lagos on Tuesday, Dangote explained that pricing decisions are overseen by the FEC, chaired by President Bola Ahmed Tinubu.

“The price will be determined by the federal executive council, led by President Tinubu. Once this is finalized, which he is working on, and once we complete our discussions with NNPC—whether it’s today or tomorrow—we’ll be ready to enter the market,” Dangote stated.

He also highlighted that the petrol produced at the refinery is of a quality that competes with international standards.

Regarding the timeline for petrol availability, Dangote mentioned that details would be shared after meetings with the NNPC, expected to occur either today or Wednesday.

“Our gasoline could be available at filling stations within the next 48 hours, depending on NNPC’s schedule,” he added.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has indicated that Dangote’s refinery is set to provide 25 million liters of petrol daily starting in September, with plans to increase to 30 million liters per day from October.

The refinery, which began producing diesel and aviation fuel in January, has a capacity of 650,000 barrels per day.