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“We Invested Over $20 Billion In This Refinery” – Dangote on Petrol Price Cut

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Photo source: Google

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.

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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.


 

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“Aliko Dangote is Nigeria’s Biggest Debtor” – Dr. Cosmos Maduka Claims

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Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.

The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.

“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”

“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”


 

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Dangote Drops Petrol Price Again as New Rates Start Across Nigeria

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Photo source: Google

Dangote Petroleum Refinery has once again slashed the pump price of petrol across Nigeria, offering some relief to consumers. The new price now falls between N875 and N905 per litre, reflecting a N15 drop. This update was shared on the refinery’s official social media page on Thursday.

According to Dangote, the price cut affects major fuel distributors working with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy. With this change, Lagos residents will now buy petrol at N875 per litre. Those in the South-South and South-East regions will pay N905, while the South-West sees a new rate of N885.

In the North-West and central parts of the country, it’s N895, and the North-East will also pay N905. Dangote added that their petrol and diesel are not only high-quality but also designed to support engine efficiency and reduce environmental impact.


 

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Dangote Refinery Reduces Petrol Price to N825 per Litre

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Photo source: Google

Dangote Petroleum Refinery has lowered the price of Premium Motor Spirit (PMS), or petrol, to N825 per litre, down from N835, as competition heats up in Nigeria’s fuel market.

This follows last month’s price reduction, when the 650,000 barrels per day refinery dropped the price from N865 to N835. The recent price change is aimed at providing more value to customers while strengthening Dangote’s position as a leader in the domestic market.


 

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