The Chairman of Dangote Group, Aliko Dangote, on Sunday assured Nigerians that the pump price of petrol would fall further, stating that petrol would sell at no more than N740 per litre from Tuesday.
Mr Dangote spoke at a press briefing at the refinery complex in Lagos on Sunday.
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He explained that the reduction would be effected due to his refinery’s reduction of gantry price to N699 per litre, adding that MRS filling stations would be the first to reflect the new pricing.
From Tuesday, he said, all MRS filling stations would begin selling petrol at prices not exceeding N740 per litre, starting in Lagos.
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He added that the refinery had reduced its minimum purchase requirement from two million litres to 500,000 litres to enable more marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to participate.
“So if you come to the refinery today, you will get PMS at N699 per litre,” he said.
Mr Dangote disclosed that despite frustration and sabotage, the refinery would deploy its Compressed Natural Gas (CNG) trucks in the coming days and was prepared to procure additional units beyond the initial 4,000 if required to sustain affordable pricing nationwide.
Responding to complaints from oil importers that the recent price reduction would result in losses, Mr Dangote said the refinery was established primarily for the benefit of Nigerians.
“Anyone who chooses to continue importing despite the availability of locally refined products should be prepared to face the consequences,” he said.
He also highlighted quality differences, noting that products supplied through MRS and other offtakers from the refinery were straight-run fuels, unlike blended products imported from overseas markets.
“Nigerians have a choice to buy better quality fuel at a more affordable price or to buy blended PMS at a higher rate. Importers can continue to lose, so long as Nigerians benefit,” he added.
Mr Dangote said the refinery was driven more by legacy than profit, noting that he could have invested the 20 billion dollars elsewhere if financial gain were his sole objective. He revealed plans to list the refinery on the Nigerian Exchange to allow Nigerians to own shares in the facility.
“We want every living Nigerian to have the opportunity to benefit, no matter how small their holding. If the market takes 55 per cent and I retain 45 per cent, I am satisfied,” he said.
He disclosed that discussions were ongoing with the Securities and Exchange Commission (SEC) to enable Nigerians to purchase shares in naira while receiving dividends in dollars.
Mr Dangote also accused the NMDPRA of misrepresenting the refinery’s capacity by publishing offtake figures rather than actual production levels.
“We have the capacity to meet local demand, and we have sufficient refined products in stock. But to keep prices high, imports are deliberately encouraged,” he said, adding that attempts were being made to push the refinery into exporting products only for them to be re-imported into Nigeria at higher prices.
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“This refinery is for Nigerians first, and I am not giving up,” he said.
The billionaire businessman also disclosed that the refinery imports an average of 100 million barrels of crude oil annually from the United States, a figure expected to rise to 200 million barrels following expansion, due to insufficient domestic crude supply.
He added that the refinery also sources crude from Ghana and other countries, while exporting jet fuel and gasoline to the United States.
He called on the government to ensure crude oil taxes are assessed based on actual transaction values, warning that the current system allows under-declaration and revenue losses.
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