The President of the Dangote Group, Aliko Dangote, has revealed that most Nigerians are unaware that they currently pay 55 per cent of what other West African countries pay for Premium Motor Spirit (petrol).
Dangote also said his refinery had aided the reduction of fuel prices by selling petrol between N815 and N820 per litre.
The billionaire businessman stated this during a high-level visit to the 650,000 barrels-per-day facility by the President of the Economic Community of West African States Commission, Dr Omar Touray, and his team, according to a statement by the Dangote Group on Sunday.
Noting that Africa will benefit greatly by encouraging trade among its countries, Dangote stressed how the refinery has helped Nigeria to bring down the cost of refined products and production costs across many sectors of the economy.
“Last year, when we began diesel production, we were able to reduce the price from N1,700 to N1,100 at a go, and as of today, the price has crashed further. This reduction has made a significant impact across various sectors. It has supported industries, benefited those of us in mining, and provided vital relief to the agricultural sector. The effect has been far-reaching,” he said.
He also noted that Nigerians are benefiting from local refining as the price of petrol has dropped significantly compared to neighbouring countries.
“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 per cent of what others in the region are paying for petrol,” he noted.