In a groundbreaking development, Aliko Dangote, the visionary businessman behind the 650,000-barrel-per-day Dangote Refinery, has revealed that the Federal Executive Council (FEC) is poised to introduce a new pricing arrangement for petrol produced from the refinery.
Speaking at the official unveiling of the refined petrol, Dangote stated, “It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu.” He added, “As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.”
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This innovative pricing mechanism is expected to revolutionize the petroleum industry, making domestically refined products more competitive and reducing the demand for foreign exchange by 40%.
Dangote commended President Tinubu’s administration for creating an enabling environment, saying, “I want to thank President Bola Tinubu for creating this idea of Naira for crude and Naira for the product. Doing that will give a lot of stability to the Naira and remove 40 per cent of the demand for dollars. That’s not just it, there is a lot of round-tripping.”
As the Dangote Refinery prepares to flood the market with its refined petrol, Nigerians eagerly await the positive impact on the economy and their daily lives.
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