Fuel price reduction presents Nigerians with a choice: cheaper, higher-quality petrol refined locally, or blended imported fuel at a higher price.
Aliko Dangote, president of Dangote Refinery, spoke on Sunday at the refinery’s Lagos facility, which handles 650,000 barrels per day. He stated that while importers may still incur losses, Nigerians stand to benefit from more affordable fuel options.
He explained that the presence of locally refined petrol gives consumers a clear decision: purchase superior fuel at a lower price or opt for blended PMS at a premium price set by importers.
“Nigerians can select better quality fuel at a more affordable rate, or choose blended PMS at a higher cost. Importers can continue to face losses, as long as Nigerians gain,” Dangote asserted.
Dangote cautioned importers who persist in importing fuel despite adequate local supply, warning they should be prepared for the consequences.
He also stated that the nationwide retail price of petrol should not exceed N740 per liter.
These remarks follow a recent announcement from the Dangote Refinery about a 15.99% drop in its gantry price to N699 per liter. Nevertheless, petrol prices in Abuja were still between N905 and N937 per liter on Sunday night.
