Aliko Dangote, the President of Dangote Refinery, stated that the refinery’s production capacity of 650,000 barrels per day has led to a significant reduction in Nigeria’s premium motor spirit prices, which are now 55 percent lower than the average fuel pump prices in West Africa.
Gatekeepers News reports that this statement was made following a visit from a high-level delegation led by Dr. Omar Touray, the President of the Economic Community of West African States Commission.
Dangote emphasised that the benefits of local refining are apparent for Nigerians, particularly in light of recent petrol price reductions compared to neighbouring countries.
He also highlighted the importance of the West African region transitioning away from reliance on fuel imports, advocating for increased local production to enhance fuel sustainability.
“In neighbouring countries, the average price of petrol is around $1 per litre, which is N1,600.
“But here at our refinery, we’re selling at between N815 and N820. Many Nigerians don’t realise that they are currently paying just 55 percent of what others in the region are paying for petrol,” he stated.
On his part, Touray lauded Dangote for the trust reposed in the continent by building the refinery.
“We congratulate Alhaji Dangote for this trust in Africa because I think you do this only when you have the trust, and he has a vision for Africa, and this is what we should all work to encourage,” Touray was quoted in the statement.
