FEC will determine price of our petrol, says Dangote

Aliko Dangote, chairman of Dangote Industries Limited, says the price of petrol from his refinery will be determined by the federal executive council (FEC).

Dangote spoke on Tuesday after a press conference in Lagos.

The billionaire’s response follows the official announcement of the commencement of petrol production.

“On pricing, it is an arrangement which is designed and approved by the federal executive council (FEC) led by His Excellency, President Bola Ahmed Tinubu,” he said.

“As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.”

Also, Dangote said the petrol from the plant, in terms of quality, can compete with products from other refineries across the world.

Regarding the timeframe for the petrol supply, the billionaire said an announcement would be made after meeting with the NNPC today or Wednesday.

According to Dangote, as soon as this is finalised, “our products will start going to the market”.

“Our gasoline can be in filling stations in the next 48 hours depending on NNPC,” he said.

Following the commencement of petrol production in Dangote refinery, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the refinery is expected to supply 25 million litres of petrol daily in September and will subsequently increase this amount to 30 million litres daily from October.

The 650,000 bpd capacity refinery began operations in January with the production of diesel and aviation fuel.