According to Aliko Dangote, the chairman of the Dangote Group, his $20 billion refinery is adding 600 million liters of storage, which will unavoidably cause the price of fuel in Nigeria to plummet.At present, the refinery can hold 5.38 billion liters of tankage. He revealed this when giving a speech on Wednesday in Nassau, The Bahamas, during the Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum.CONTINUE FULL READING>>>>>
When asked to speak on whether or not his refinery would crash the pump price of petrol, which sells at an average of N700 per liter, Dangote gave no affirmative answer,but rather went on to explain how the price of diesel fell from 1,700 to N1,200 when his diesel flooded the Nigerian market.
Operators of modular refineries allegedly predict that petrol prices could drop to N300/liter with massive production.Dangote’s Lagos-based refinery is reported to have shifted its production date for petrol from June to mid-July 2024.CONTINUE FULL READING>>>>>