Aliko Dangote, chairman of Dangote Industries Limited, announced on Tuesday that the Federal Executive Council (FEC) will be responsible for determining the pricing of petrol produced at his newly operational refinery.
The announcement came during a press conference in Lagos, marking the official start of petrol production at the facility. Dangote emphasized that the pricing arrangement has been designed and approved by the FEC, which is chaired by President Bola Ahmed Tinubu.
“Once the pricing structure is finalized—with President Tinubu actively overseeing the process—we will be ready to introduce our petrol into the market,” Dangote stated. He added that the timeline for this is flexible, indicating that it could be as soon as today or tomorrow.
In terms of quality, Dangote assured that the petrol from his refinery will meet international standards, positioning it to compete with products from refineries worldwide.
Regarding logistics and supply, Dangote mentioned that a further announcement is expected following meetings with the Nigerian National Petroleum Corporation (NNPC) either today or on Wednesday. He conveyed optimism, stating, “Our gasoline could be on filling stations within the next 48 hours, depending on NNPC's readiness.”
Following the initiation of petrol production at the Dangote refinery, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) indicated that the refinery is projected to supply 25 million litres of petrol daily starting in September, with plans to scale up to 30 million litres per day in October.
The 650,000 barrels per day capacity refinery, which began operations in January producing diesel and aviation fuel, marks a significant development in Nigeria’s energy sector.