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.”
Recall that 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.
Nigerians buy petrol between N935 and N1,100 per litre in
the majority of filling stations nationwide.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com