Dangote Crashes Petrol Prices by N259 in Lagos, Other States
- Aliko Dangote has addressed the press and confirmed that the price of his petrol has dropped market rate by N259
- The refinery hopes to have more impact in the future as it finally begins its direct petrol distribution
- Dangote Refinery is celebrating is one year anniversary and it has been confirmed that the capacity will be increased
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Africa’s richest man Aliko Dangote has confirmed that the Dangote Petroleum Refinery has cut petrol prices by N259 in the past year.
Source: Getty Images
Speaking to journalists on Monday, September 15 to mark the refinery’s first anniversary he also said that Nigeria’s decades-long fuel supply crisis has been stopped.
Dangote who was also reacting to intense criticism from National Union of Petroleum and Natural Gas Workers (NUPENG) and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) revealed the impacts of his refinery.
According to him, the pump price, which stood at about N1,100 per litre last year, has dropped to N841 in the South West, Abuja, Delta, Rivers, Edo and Kwara states.
He said:
“Despite opposition and economic headwinds, the refinery has successfully reduced the price of petrol from nearly N1,100 before production began to N841. With the rollout of CNG-powered trucks, this price reduction will soon be felt nationwide."
Source: Getty Images
Dangote near and long term goals for refinery
African richest man also said that its 650,000 barrels-per-day refinery, Africa’s largest has deployed 1,000 Compressed Natural Gas (CNG)-powered trucks as part of its direct fuel distribution programme.
The initiative, according to Dangote, will create 24,000 jobs in the first phase, the Nation reports.
He added that the refining capacity would rise to 700,000 bpd next year, adding that the plant has the ability to meet Nigeria’s domestic demand while generating foreign exchange through exports. Between June and early September, the refinery exported more than 1.1 billion litres of petrol, he said.
Dangote, who backed the federal government’s target of growing Nigeria into a $1 trillion economy by 2031, urged more Nigerians to invest locally.
He acknowledged resistance from some vested interests in the downstream sector, but maintained the project was designed to support growth across Nigeria and Africa.
He said.
“We have been battling fuel queues since 1975, but today Nigerians are witnessing a new era.
“What we have done is to make our country and continent proud."
NUPENG releases agreement with Dangote
Earlier, Legit.ng reported that the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has shared its agreement with Dangote Refinery and Petrochemicals Limited.
The federal government, through the labour minister Muhammad Maigari Dingyadi, stepped in to help both parties reach an agreement.
Representatives present at the meeting included Sayyu Dantata and O.K. Ukoha for NUPENG, Comr. Benson Upah for the NLC, and Dangote Group management officials.
The process of unionisation is set to commence immediately and will be completed within two weeks, from September 9 to September 22, 2025.
Source: Legit.ng
