Aliko Dangote, the president of Dangote Group, has hinted that his refinery could positively impact petrol prices.
Dangote spoke at Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum in Nassau, The Bahamas, held on Wednesday, June 12.
Addressing journalists, Dangote recounted how his refinery brought down the price of diesel from 1,700 to N1,200.
He, however, noted that the impact of petrol may not be the same, Punch reports.
There were reports that petrol prices could drop as low as N300 per litre when the refinery begins the sale of petrol.
Responding to journalists’ questions on possible petrol price cut, Africa’s richest man said:
Meanwhile, Dangote Refinery earlier shifted the production date for Premium Motor Spirit (PMS) or petrol from June to mid-July.
Dangote confirmed the new production date to journalists at the facility in Lagos on Monday, June 10, 2024.
Dangote said the date change was due to a slight delay.
An earlier report by TimesNow.com.ng disclosed that oil marketers have begun registering with the company to lift petrol when the product becomes available.
The marketers are reportedly registering as individual business owners and applying for a direct fuel supply from the refinery.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) disclosed that it would continue negotiations with the facility to obtain a bulk supply for its members, who may need more money to afford large petrol purchases.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
