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.
- 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.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
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