Jonathan Nwokpor
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Aliko Dangote, the president of the Dangote Group, has clarified that market factors led to his refinery’s petrol price cut.
This was revealed by Africa’s wealthiest guy in an interview with an Arise TV program that our journalist was able to access on YouTube on Wednesday.
He said that the action was taken to safeguard the company’s and its investors’ interests.
“The price reduction is a response to the markets. Just put it that way. It is a refinery where we invested over $20 billion, and I think we have to try and protect our interests and also our investments.”
On December 19, 2024, ZINGTIE reports that Dangote Refinery reduced the price of its ex-depot gasoline from N970 to N899.50 per litre.
In collaboration with MRS filling stations, the retail price was subsequently lowered to N935 per litre.
The Nigerian National Petroleum Company Limited, or NNPCL, responds by lowering its retail and ex-depot pricing to N899 per litre and N965, respectively.
Dangote Refinery and NNPCL engaged in a new price war in the downstream oil and gas industry as a result of the development.
According to ZINGTIE, most filling stations in Nigeria charge between N935 and N1,100 per litre for petrol.
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