Dangote Refinery To Determine Petrol Price From October

Bloomberg, on Thursday, confirmed that the Dangote Petroleum Refinery will determine the price of petrol from October.

The Chairman of Dangote Industries Limited (DIL), Aliko Dangote, on Tuesday, officially announced the commencement of petrol production at his refinery.

Dangote said the price of petrol from his plant would be determined by the federal executive council (FEC) and the Nigerian National Petroleum Company (NNPC) Limited.

However, a Bloomberg report said the federal government is considering allowing the refinery to set the price of petrol it sells.

Sources told the publication, “Nigeria will allow Dangote to set the price of gasoline to petroleum marketers starting next month.

“Going forward, petrol marketers will be allowed to buy products directly from the Dangote Refinery.”

Also speaking the senior special assistant (SSA) to the president on media and publicity, Temitope Ajayi, told Bloomberg that Dangote will not sell the product below market price.

Ajayi said, “Dangote Refinery will certainly not sell their products below market value as a business that was set up to make profit.

“I don’t see how NNPC or the federal government will control the price for a private business.

“The role of the petroleum industry regulator will be to ensure products quality and fair pricing so that the business doesn’t take undue advantage of the citizens or rip them off.”