Bloomberg confirmed on Thursday that the Dangote Petroleum Refinery will begin determining the price of petrol starting in October.
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EKO HOT BLOG reports that Aliko Dangote, Chairman of Dangote Industries Limited, officially announced the commencement of petrol production at the refinery on Tuesday.
According to Dangote, the price of petrol from his refinery would initially be influenced by the Federal Executive Council (FEC) and the Nigerian National Petroleum Company (NNPCL).
However, Bloomberg reported that the federal government is considering allowing the refinery to independently set the petrol price it sells to petroleum marketers.
Sources revealed that, from next month, Nigeria plans to enable Dangote to set gasoline prices directly for marketers.
In an interview with Bloomberg, Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity, stated that the refinery would not sell its products below market value, given that it is a profit-driven enterprise.
Ajayi added, “The Dangote Refinery will not sell below market price. As a private business, the NNPC or government cannot control its pricing.
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“The petroleum regulator’s role will be to ensure product quality and prevent unfair pricing practices that could exploit citizens.”
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