Aliko Dangote has disclosed that Nigerians are paying half of what other countries in West Africa are paying for petrol, also known as Premium Motor Spirit, PMS.
Dangote said this during a high-level visit of the ECOWAS Commission to the 650,000 barrels-per-day Dangote Refinery and Petrochemicals in Lagos.
Recall that Dangote Refinery has reduced the price of petrol in the country more than two times this year, making the company’s product cheaper than what other petroleum marketers are selling.
According to Dangote, the price of petrol in the country is 55 per cent cheaper than what is being sold in other neighbouring West African countries, including Ghana, the Republic of Benin, Togo, Côte d’Ivoire, among others.
Africa’s Richest Man informed the ECOWAS delegation that the continent should consume what it produces, saying that as long as there is dependence on other countries for consumption, there will be underdevelopment.
Dangote informed the delegation led by ECOWAS Commission president, Dr Alieu Touray that the claim that the 650,000 barrel a day cannot meet the local consumption in nigeria, is further form the truth, adding that the Dangote Refinery can effectively supply petrol to all the countries in the region, because it can do so.
The delegation also included ECOWAS Commissioner for Infrastructure, Energy and Digitalisation, Sediko Douka; Commissioner of Internal Services, Prof. Nazifi Abdullahi Darma; Director of Private Sector/SME, Dr Tony Luka Elumelu; and Dr Touray’s Chief of Staff, Hon Abdou Kolley, among others.
He explained that the refinery has proved that Africans can produce goods that are of global standards.
Dangote said. “This refinery is proof that we can build for ourselves at scale, to global standards,” Dangote said.
He added, “There have been many claims suggesting that we don’t even produce enough to meet Nigeria’s needs, so how could we possibly supply other West African countries? But now, they are here to see the reality for themselves and, more importantly, to encourage other nations to embark on similarly large-scale industrial projects.”
He said the Dangote Refinery has consistently crashed the price of PMS, from N1,700 to less than N1000 per litre since the refinery began production last year, adding that the refinery has also benefited other sectors such as Agriculture, Mining and others, aside from assisting in bringing down the cost of production in the country.
“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.
“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% of what others in the region are paying for petrol. We also have a much larger initiative in the pipeline, something we’ve not yet announced, but Nigerians should know that this refinery is built for them, and they will enjoy the maximum benefit from it,” he said.
