According to Bloomberg, the Dangote Petroleum Refinery will set the price of petrol starting in October. Aliko Dangote, chairman of Dangote Industries Limited (DIL), announced the commencement of petrol production at the refinery on Tuesday.
He stated that the price would be determined by the Federal Executive Council (FEC) and the Nigerian National Petroleum Company (NNPC) Limited.
However, a Bloomberg report from yesterday indicated that the federal government is considering allowing the refinery to establish its own petrol prices.
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“Nigeria will allow Dangote to set the price of gasoline to petroleum marketers starting next month,” sources told the publication.
“Going forward, petrol marketers will be allowed to buy products directly from the Dangote Refinery.”
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Temitope Ajayi, senior special assistant to the president on media and publicity, told Bloomberg that Dangote will not sell the petrol below market price.
“Dangote Refinery will certainly not sell their products below market value as a business that was set up to make profit,” Ajayi said.
“I don’t see how NNPC or the federal government will control the price for a private business.
“The role of the petroleum industry regulator will be to ensure products quality and fair pricing so that the business doesn’t take undue advantage of the citizens or rip them off.”
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