FG will Determine Price of our Petrol – Dangote Confirms [Video]

The recent announcement by Aliko Dangote, President of the Dangote Group, has major implications for Nigeria's energy sector.

In a detailed interview with Channels Television, Dangote revealed that the price of Premium Motor Spirit (PMS) from his newly operational refinery would be determined by the Federal Executive Council (FEC), led by President Bola Ahmed Tinubu.

This decision signifies the intricate relationship between private enterprise and government regulation in Nigeria's petroleum industry.

Dangote's refinery, which boasts a substantial production capacity of 650,000 barrels per day, represents a $20 billion investment aimed at meeting Nigeria’s domestic fuel demands. The first batch of petrol was officially rolled out on Tuesday, marking a pivotal moment in the country's quest for energy self-sufficiency.

As Dangote stated, “On PMS price, it is an arrangement that is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu.”

The distribution of the refinery's petrol to filling stations across Nigeria hinges on the Nigerian National Petroleum Company Limited (NNPCL). Dangote mentioned that the product could be available in filling stations within 48 hours, depending on the NNPCL's logistics.

He emphasized the ongoing negotiations with NNPCL, noting, “As soon as it is finalized, which is what he is pushing once he finishes with FEC meeting, it can be today or tomorrow we are ready to roll out in the market.”