President of the Dangote Refinery, Aliko Dangote, has said Nigerians now have the option of buying high-quality, locally refined petrol at a cheaper price or opting for blended imported fuel at a higher cost.
Dangote made the remarks on Sunday during a briefing at his 650,000-barrel-per-day refinery in Lagos, stating that fuel importers could continue to incur losses while Nigerians enjoy more affordable petrol prices.
According to him, the availability of locally refined petrol gives consumers a clear choice between quality fuel sold at a lower rate and blended premium motor spirit (PMS) sold at higher prices by importers.
“Nigerians have a choice to buy better quality fuel at a more affordable price or to buy blended PMS at a higher rate. Importers can continue to lose, so long as Nigerians benefit,” Dangote said.
He warned that importers who persist with fuel importation despite sufficient local supply should be ready to bear the consequences of their decisions.
“Anyone who chooses to continue importing despite the availability of locally refined products should be prepared to face the consequences,” he added.
Dangote also noted that the retail price of petrol should not exceed N740 per liter nationwide.
His comments come three days after the Dangote Refinery announced a 15.99 percent reduction in its gantry price to N699 per liter. Despite the cut, petrol pump prices in Abuja remained between N905 and N937 per liter as of Sunday night.
