FEC’ll determine price of our petrol – Dangote

Billionaire industrialist Aliko Dangote announced that petrol pricing from his state-of-the-art refinery will be determined by the Federal Executive Council (FEC), led by President Bola Ahmed Tinubu. Speaking at a briefing in Lagos, Dangote revealed that the much-anticipated rollout of petrol could happen at any moment, pending final approvals from the Nigerian National Petroleum Corporation (NNPC). “We’re ready to supply the market as soon as we finalize discussions with the NNPC,” Dangote assured.

Dangote emphasized the world-class quality of petrol from his refinery, noting it will compete globally. As negotiations with the NNPC draw to a close, Dangote hinted that petrol could hit local filling stations within 48 hours of approval. “Our products can be in filling stations within the next 48 hours, depending on NNPC,” he said, setting the stage for a major shift in Nigeria’s fuel market.

Celebrating this milestone, Femi Otedola, Chairman of Geregu Power, praised Dangote for breaking the stranglehold of local fuel cabals that have long profited from Nigeria’s dependence on imported petrol. “Your refinery is a death blow to these cabals who have kept Nigeria in economic slavery,” Otedola declared. He further predicted that the Dangote Refinery would revolutionize the fuel import sector, similar to Dangote’s transformative impact on Nigeria’s cement industry.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) also confirmed that the refinery will begin supplying 25 million liters of petrol to the domestic market this September, ramping up to 30 million liters per day by October 2024. As Nigeria battles severe petrol scarcity, this development marks a critical turning point, with the Dangote Refinery poised to reshape the nation’s energy landscape and reduce reliance on imported fuel.