See the cheapest as Dangote compares Nigeria's new petrol price to West African countries

• Aliko Dangote has confirmed that Nigeria has the cheapest petrol prices among its West African neighbours
• The debased petrol prices person been credited to his refinery, which is present the large supplier of petroleum products to West African countries
• Since the 650,000 bpd refinery began production, determination has been a comparative easiness successful petrol prices for Nigerians

Legit.ng writer Dave Ibemere has implicit a decennary of acquisition successful business journalism, with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Aliko Dangote, President of the Dangote Group, has said that Nigerians are presently paying 55% little to the mean terms of Premium Motor Spirit (petrol) successful West African countries,

He disclosed this erstwhile helium welcomed Omar Touray, the President of the Economic Community of West African States Commission (ECOWAS), to its refinery installation connected Sunday, June 1.

Aliko Dangote says Nigeria has the cheapest petrol terms successful West Africa Photo credit: Bloomberg/contributor
Source: Getty Images

In a connection released aft the visit, Dangote spoke connected the value of the refinery to West Africa and however it has already helped trim petrol terms successful Nigeria to between N815 and N820 per litre from the precocious of N1,000 per litre

No much N1,000: Dangote compares Nigeria's caller substance terms to 16 different countries

Dangote said:

““Many Nigerians don’t realise that they are presently paying conscionable 55% of what others successful the portion are paying for petrol"Last year, erstwhile we began diesel production, we were capable to trim the terms from N1,700 to N1,100 astatine a go, and arsenic of today, the terms has crashed further. "This simplification has made a important interaction crossed assorted sectors. It has supported industries, benefited those of america successful mining, and provided captious alleviation to the cultivation sector. The effect has been far-reaching."

Dangote compares Nigeria's petrol prices

Africa's richest antheral besides pointed retired that Nigerians are benefiting from section refining, arsenic petrol prices person dropped importantly compared to neighbouring countries.

He noted:

“In neighbouring countries, the mean terms of petrol is astir $1 per litre, which is N1,600. But present astatine our refinery, we’re selling astatine betwixt N815 and N820. "Many Nigerians don’t realise that they are presently paying conscionable 55 per cent of what others successful the portion are paying for petrol."

The industralist besides noted that the Dangote refinery is afloat equipped to conscionable the petroleum needs of Nigeria and the full West African region, countering claims that the installation could not nutrient capable for section and determination demand.

Petrol terms successful Nigeria is 55% cheaper compared to different African countries.
Source: Getty Images

ECOWAS reacts to Dangote refinery

The ECOWAS Commission President described the refinery arsenic a “beacon of hope” and called it a almighty illustration of what Africa’s backstage assemblage can execute successful driving determination industrialisation.

Touray besides praised the refinery’s adherence to Euro V substance standards, noting that astir imported fuels successful the portion neglect to conscionable ECOWAS biology and wellness requirements.

Touray urged African leaders to enactment intimately with the backstage assemblage to make policies that enactment large-scale concern projects, saying the continent indispensable displacement from import dependence to home production.

Touray words:

“The ECOWAS Commission volition bash everything to unfastened up the ECOWAS marketplace to the Dangote Group, if not the full African continent."

Dangote refinery slashes N10 disconnected petrol prices for customers

Earlier, Legit.ng reported that Dangote Refinery is refunding marketers N10 per litre aft merchandise loading, efficaciously reducing the ex-depot petrol price

The rebate allows marketers to merchantability petrol astatine a little complaint to Nigerians buying from their filling stations nationwide.

The terms accommodation is portion of Dangote’s strategy to predominate the substance marketplace amid ongoing petrol imports.

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Source: Legit.ng