Business
“We Invested Over $20 Billion In This Refinery” – Dangote on Petrol Price Cut
Aliko Dangote, the President of Dangote Group, has clarified that the recent reduction in petrol prices from his refinery is a direct response to market forces.
In an interview featured in an Arise TV documentary, Dangote explained that the price cut is aimed at safeguarding the company’s interests and investments, particularly after the massive $20 billion investment in the Dangote Refinery.
“The price reduction is a response to the markets. We invested over $20 billion in this refinery, and we need to protect our interests and investments,” Dangote stated.
On December 19, 2024, Dangote Refinery reduced its ex-depot price of petrol from N970 to N899.50 per litre.
Following this, retail prices were also adjusted to N935 per litre, in collaboration with MRS filling stations.
The move prompted the Nigerian National Petroleum Company Limited (NNPCL) to follow suit, cutting its ex-depot price to N899 per litre and retail prices to N965 per litre.
As a result, petrol prices across the country are now fluctuating between N935 and N1,100 per litre, with many filling stations adjusting their prices in line with the market dynamics.
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
- MTN Nigeria Communications Plc (MTNN) – Strong telecom growth and 5G expansion.
- Dangote Cement Plc (DANGCEM) – Leading cement maker benefiting from infrastructure demand.
- Guinness Nigeria Plc (GUINNESS) – Consumer stock with solid turnaround potential.
- Okomu Oil Palm Plc (OKOMUOIL) – Agriculture stock tied to palm oil demand.
- Seplat Energy Plc (SEPLAT) – Energy player with gas and oil sector exposure.
- Zenith Bank Plc (ZENITHBANK) – Tier-1 bank with strong financial performance.
- Guaranty Trust Holding Company Plc (GTCO) – Leading bank with diversified revenue streams.
- Presco Plc (PRESCO) – Palm oil producer with export and dividend potential.
- NASCON Allied Industries Plc (NASCON) – FMCG stock with strong fundamentals.
- Aradel Holdings Plc (ARADEL) – Growing energy sector stock with upstream exposure.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
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