President of Dangote Group, Aliko Dangote, has explained that the reduction in the price of petrol from his refinery was in response to market forces.
Africa’s richest man disclosed this during an interview in an Arise TV documentary posted on YouTube and obtained by our correspondent on Wednesday.
According to him, the move was to protect the interests of the company and that of its investments.
“The price reduction is a response to the markets. Just put it that way. It is a refinery where we invested over $20 billion, and I think we have to try and protect our interests and also our investments.”
Media Talk Africa reports on December 19, 2024, that Dangote Refinery slashed its ex-depot petrol price to N899.50 per litre from N970.
The development was followed by the reduction in retail price to N935 per litre in partnership with MRS filling stations.
In reaction, the Nigerian National Petroleum Company Limited, NNPCL, also reduced its ex-depot and retail prices to N899 per litre and N965, respectively.
The development sparked a fresh price war in the downstream oil and gas sector between Dangote Refinery and NNPCL.
Media Talk Africa reports that Nigerians buy petrol between N935 and N1,100 per litre in the majority of filling stations nationwide.
