President of Dangote Group, Aliko Dangote has opened up on why his refinery reduced price of petrol.
Speaking during an interview in an Arise TV documentary posted on YouTube, he said the move was to protect the interests of the company and that of its investments.
“The price reduction is a response to the markets. Just put it that way. It is a refinery where we invested over $20 billion, and I think we have to try and protect our interests and also our investments.”
Recall that on December 19, 2024, that Dangote Refinery slashed its ex-depot petrol price to N899.50 per litre from N970.
The development was followed by the reduction in retail price to N935 per litre in partnership with MRS filling stations.
In reaction, the Nigerian National Petroleum Company Limited, NNPCL, also reduced its ex-depot and retail prices to N899 per litre and N965, respectively.
The development sparked a fresh price war in the downstream oil and gas sector between Dangote Refinery and NNPCL.
Recall that Nigerians buy petrol between N935 and N1,100 per litre in the majority of filling stations nationwide.
