After meeting President Tinubu, Africa’s richest man says PMS, diesel and other products will remain affordable as the refinery stabilizes supply.
Aliko Dangote has assured Nigerians that the Dangote Refinery will continue to sell petrol also known as Premium Motor Spirit (PMS) at what he described as a “reasonable” price.
The Chairman of the Dangote Group gave the assurance on Friday while speaking with journalists at the State House in Abuja after a meeting with President Bola Tinubu.
Dangote said the stabilising domestic supply and ongoing competition with imported products would naturally drive prices downward. He noted that despite improvements, fuel smuggling remains a major challenge due to the significant price gap between Nigeria and neighbouring countries.
“Prices are going down. They have to go down because we also compete with imports,” he said. “Smuggling has reduced but not completely. The price here is about 55% of what our neighbours pay. When they sell at 1,500 to 1,600 per litre and we sell at about 800-plus, people will still smuggle because there’s a lot of money to be made.”
He maintained that the refinery would continue to make petrol and diesel available at cost levels that consumers can afford. “Both diesel and gasoline will continue to be sold at very reasonable prices,” he stated.
Following the removal of fuel subsidy, petrol prices jumped from around N160 per litre to nearly N1,000, before fluctuating downward as the refinery’s output increased.
The 650,000-barrel-per-day facility began supplying diesel and aviation fuel in January 2024 and started delivering petrol by September, an intervention widely viewed as a turning point for Nigeria, which has long battled recurring shortages despite being a major crude producer.
Speaking on the refinery’s long-term vision, Dangote emphasized that recovering the $20 billion invested in the project is not his immediate priority.
“We are not here to make our 20 billion back quickly. It’s a long-term investment,” he said. “The legacy I want to leave is to ensure that whatever Nigeria needs, we will be part of delivering it.”
He described his discussion with President Tinubu as productive, adding that they spoke extensively about the economy and the operating environment.
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