Aliko Dangote, President of the Dangote Refinery, has announced that Nigerians now have the option to purchase high-quality, locally refined petrol at a lower price or opt for blended imported fuel at a higher cost. This development comes as the Dangote Refinery continues to increase its production capacity, providing consumers with a choice between locally refined petrol and imported fuel.

During a briefing at the 650,000-barrel-per-day refinery in Lagos, Dangote stated that fuel importers may continue to incur losses as Nigerians benefit from more affordable petrol prices. The availability of locally refined petrol gives consumers a clear choice between quality fuel sold at a lower rate and blended premium motor spirit (PMS) sold at higher prices by importers.

Dangote warned that importers who persist with fuel importation despite sufficient local supply should be prepared to bear the consequences of their decisions. He also noted that the retail price of petrol should not exceed N740 per liter nationwide. This statement comes after the Dangote Refinery announced a 15.99 percent reduction in its gantry price to N699 per liter.

Despite the price cut, petrol pump prices in Abuja remained between N905 and N937 per liter as of Sunday night. Dangote’s comments highlight the significance of the Dangote Refinery’s contribution to the Nigerian fuel market, providing consumers with a more affordable and higher-quality alternative to imported fuel.

The development is expected to have a positive impact on the Nigerian economy, as locally refined petrol becomes more widely available. With the Dangote Refinery’s increased production capacity, Nigerians can expect to see a reduction in fuel prices and an improvement in the overall quality of petrol available in the market. As the refinery continues to expand its operations, it is likely that the price of petrol will decrease further, providing relief to consumers and contributing to the country’s economic growth.