Business

Dangote: Our Petrol is 15% Cheaper Than NNPCL’s Imported Fuel

Published

2 years ago

September 24, 2024

Photo source: Google

Aliko Dangote, President of the Dangote Group and Africa’s wealthiest man revealed that petrol produced by the Dangote Refinery is 15% cheaper than the fuel imported by the Nigerian National Petroleum Company Limited (NNPCL).

He made this statement during an interview with Bloomberg Television, addressing recent developments in Nigeria’s fuel pricing.

His comments followed NNPCL’s announcement that it purchased petrol from the Dangote Refinery for N898 per litre on September 15, 2024.

Shortly after, NNPCL raised fuel prices across the country, with costs ranging from N950 to N1,100 per litre at filling stations.

This sudden price increase created confusion in the oil and gas sector, fueling public concern about the rising cost of fuel.

Dangote clarified the situation, explaining that NNPCL had purchased approximately 800,000 metric tons of imported gasoline around the same time it bought fuel from the Dangote Refinery.

He emphasized that the petrol produced by his refinery was sold at a lower price compared to NNPCL’s imported fuel.

According to Dangote, the price NNPCL quoted for his refinery’s fuel was not the actual cost but rather the final price after adding profit margins and other expenses incurred by the state-owned company.

He stressed that Nigerians were unaware of the full cost NNPCL incurs when importing fuel, noting that imported gasoline is about 15% more expensive than the petrol produced domestically by Dangote’s refinery.

Dangote explained that NNPCL’s higher price reflects these added costs, making his refinery’s fuel more affordable by comparison.

Addressing the broader fuel pricing issue, Dangote suggested that NNPCL could opt for a basket price approach or consider removing the remaining fuel subsidies altogether.

He stated that removing the subsidies would create a more transparent pricing structure and allow the market to adjust accordingly.

This discussion on fuel pricing comes amid calls from Dangote and other industry stakeholders for the Nigerian government to eliminate fuel subsidies.

Earlier reports indicated that petrol marketers had been purchasing NNPCL’s imported fuel at an average price of N870 per litre, further highlighting the price discrepancy between locally produced and imported fuel.

Business

OPay Introduces New Security Features for Customers

Published

15 hours ago

June 29, 2026

Ese Ohwofa

Nigerian fintech company OPay has introduced new security features to improve the safety of its application.

The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.

The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.

The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.

Business

Nigeria’s Agricultural Sector Cannot Thrive Without Investment – FG

Published

5 days ago

June 24, 2026

Ese Ohwofa

The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.

They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.

“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”