Businessman Aliko Dangote disclosed on Tuesday that the Federal Executive Council (FEC) intends to create a new price structure for gasoline produced at the Dangote Refinery, according to PUNCH Online. This statement coincides with the refinery’s formal launch of refined gasoline, which, depending on national logistics, is anticipated to reach filling stations within the next 48 hours. The refinery has a daily capacity of 650,000 barrels.CONTINUE FULL READING>>>>>
Dangote disclosed that the new pricing arrangement is being finalized with the FEC, under the leadership of President Bola Ahmed Tinubu.
“It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu,” Dangote stated.
He further indicated that once the arrangement is completed, the product could be available on the market almost immediately.
”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,” Dangote added.
The pricing strategy follows President Tinubu’s approval in June for the sale of crude oil to the Dangote Refinery in naira.
This policy aims to reduce the costs associated with importing refined petroleum products and is expected to significantly decrease the demand for foreign exchange.
According to Dangote, this move will lower the demand for dollars by approximately 40 percent.
He praised President Tinubu for introducing the concept of “Naira for crude and Naira for the product,” which he believes will stabilize the naira and mitigate the reliance on foreign currencies.
“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,” Dangote explained.CONTINUE FULL READING>>>>>
