Aliko Dangote, the President of Dangote Industries Limited, has explained that the recent reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, to N899.50 per litre at its loading gantry, was mainly influenced by the complex dynamics of market forces.
He also emphasized that it is his duty to protect both the interests and investments of the multibillion-dollar company.
Dangote made these remarks during an interview for an Arise TV documentary, which was posted on YouTube and obtained by our correspondent on Wednesday.
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He said, “The price reduction is a response to the market, let me just put it that way. It is a refinery where we invested over $20bn and I think we have to try and protect our interests and also our investments.”
On December 19, 2024, Dangote Refinery lowered its ex-depot petrol price from N970 to N899.50 per litre.
This move triggered fierce price competition in the downstream sector, prompting the NNPCL to follow suit and reduce its ex-depot price to N899 per litre.
In addition, the refinery revealed a partnership with MRS Petrol Stations to offer petrol at N935 per litre across its retail outlets nationwide, much to the satisfaction of Nigerians.
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