On Tuesday, businessman Aliko Dangote announced that the Federal Executive Council (FEC) is currently formulating a new pricing strategy for petrol produced at the Dangote Refinery. The facility, which has a capacity of 650,000 barrels per day, officially launched its refined petrol today. Dangote revealed that the product will be available at filling stations within the next 48 hours, depending on the national distribution logistics.
Regarding the pricing, Dangote noted, “The pricing arrangement is being designed and approved by the Federal Executive Council under the leadership of President Bola Ahmed Tinubu. Once it is finalized—an effort that President Tinubu is actively advancing—we will be prepared to introduce the product to the market. This could happen as soon as today or tomorrow, depending on our final coordination with NNPC.”
In June, President Tinubu had approved the sale of crude oil to the Dangote Refinery in naira, aiming to lower the costs of domestically refined petroleum products. Dangote highlighted that this move would cut the demand for foreign exchange by 40 percent.
He expressed his gratitude, stating, “I want to commend the Nigerian people and President Bola Tinubu’s administration for fostering an environment that enables us to achieve this significant milestone. By implementing the naira-for-crude and naira-for-product policy, we are not only stabilizing the naira but also reducing the need for dollars by 40 percent, thereby curbing round-tripping and contributing to economic stability.”