NaijWeb Keeping you informed…
Famous Nigerian businessman Aliko Dangote has declared that his refinery, which can process 650,000 barrels per day, is prepared to launch its first petroleum product into the market.
However, the final pricing of the product will be determined by the Federal Executive Council (FEC) under the leadership of President Bola Ahmed Tinubu.
Dangote revealed this information while unveiling the first batch of petroleum from his private refinery on September 3, 2024.
In response to questions about the pricing of petroleum products, Dangote emphasized that the decision rests with the FEC and the Nigerian National Petroleum Company Limited (NNPCL).
He stated, “It is an arrangement that is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu.
As soon as it is finalized, 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.”
The imminent release of Dangote’s petroleum products is highly anticipated, with potential benefits for the Nigerian populace, who have been facing economic hardships due to fluctuating fuel prices.
The involvement of the FEC in determining the pricing signals the government’s intent to balance the interests of citizens with those of the private sector, ensuring that the rollout is smooth and beneficial for all parties involved.
