By Jimmy Fatunbi
Business magnate Aliko Dangote has announced that the Federal Executive Council (FEC) is finalizing a new pricing arrangement for petrol produced at the Dangote Refinery.
The 650,000-barrel-per-day refinery, which officially launched its refined petrol production on Tuesday, is set to deliver its first batch of fuel to filling stations within the next 48 hours, depending on the country’s distribution network.
Speaking about the retail price of the petrol, Dangote explained, “The pricing arrangement is being designed and approved by the Federal Executive Council, led by His Excellency, President Bola Ahmed Tinubu. Once the final details are settled with the Nigerian National Petroleum Corporation (NNPC), we are ready to roll into the market. It could be today; it could be tomorrow.”
In June, President Tinubu approved a policy allowing the sale of crude oil to the Dangote Refinery in naira, a move aimed at reducing the cost of domestically refined petroleum products.
This initiative is expected to significantly ease the pressure on Nigeria’s foreign exchange market, cutting demand for foreign currency by 40%.
Dangote praised the Tinubu administration for fostering an environment that enables such groundbreaking achievements.
“I want to salute the people of Nigeria and the government of President Bola Tinubu for creating the environment that has allowed us to thrive and achieve this monumental milestone of providing energy for our nation’s growth and prosperity,” Dangote said.
He further emphasized the benefits of the “Naira for crude and Naira for product” strategy, noting that it will stabilize the naira and curb foreign exchange market manipulation.
“This move will not only stabilize our currency but also eliminate about 40% of the demand for dollars, reducing the chances of round-tripping in the forex market,” he added
