Dangote says FEC will set gasoline prices for new refinery production

Businessman Aliko Dangote announced on Tuesday that the Federal Executive Council (FEC) is working on setting a new pricing structure for petrol produced at the Dangote Refinery.

The refinery, which has a production capacity of 650,000 barrels per day, officially launched its refined gasoline on Tuesday, with Dangote indicating that the product would be available at filling stations within the next 48 hours, subject to national distribution logistics.

On the topic of retail prices, Dangote explained, “This is an arrangement that was designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu. Once this arrangement is finalized, which he (Tinubu) is pushing for, once we are done with the NNPC, today it could be, tomorrow it could be, we are ready to enter the market.”

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In June, President Tinubu had approved the sale of crude oil to the Dangote Refinery in naira, a decision aimed at lowering the price of domestically refined petroleum products. Dangote stressed that the move would reduce the need for foreign exchange by 40 percent.

“I want to pay tribute to the Nigerian people and the administration of President Bola Tinubu for creating an environment that has enabled us to thrive and also achieve this monumental task of providing energy for growth and prosperity,” Dangote said.

He also expressed his appreciation to President Tinubu for the initiative of using the naira for both crude oil and refined products, noting that this strategy will bring significant stability to the naira and reduce the demand for dollars by 40 percent, while addressing concerns related to commuting and further stabilizing the economy.

Dangote says FEC will set petrol prices for new refinery output first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.