As Nigerians face a prolonged petrol scarcity, the Federal Government is contemplating granting Aliko Dangote’s refinery the authority to set petrol prices.
This move comes after the NNPCL increased the pump price of petrol on Tuesday, exacerbating the crisis.
Sources revealed that the government plans to allow Dangote to set the price of gasoline for petroleum marketers starting next month.
Temitope Ajayi, senior special assistant to the president, stated, “Dangote Refinery will certainly not sell their products below market value… The role of the petroleum industry regulator will be to ensure product quality and fair pricing.”
Aliko Dangote, chairman of Dangote Industries Limited, presented the first sample of petrol produced at his refinery on Tuesday, announcing that it would meet the demands of Nigerians and sub-Saharan Africa.
He disclosed that the Federal Executive Council is working on a new pricing arrangement for petrol produced from the Dangote Refinery, approved by President Bola Ahmed Tinubu.
The sudden increase in fuel prices, rising from N600 to N855 per litre, has sparked concerns. Sources revealed that a directive was issued to retail outlets to adjust petrol prices upwards, following the NNPC Retail Management’s approval of the hike.
This price surge comes amidst the company’s acknowledged difficulties in importing fuel, citing an $8 billion debt.
