Dangote Refinery Unveils Fuel Product, Price Determined by Government
Aliko Dangote, the Nigerian business magnate, has unveiled the long-awaited petroleum product from his refinery in Lagos State. The unveiling ceremony was attended by dignitaries and marked a significant milestone in the country’s efforts to overcome the perennial fuel scarcity.
Speaking at the event, Dangote revealed that the retail price of the petroleum products will be determined by the Nigerian government under the leadership of President Bola Tinubu. According to him, the arrangement was designed and approved by the Federal Executive Council (FEC) led by President Tinubu.
The entrepreneur assured that his refinery is ready to roll into the market as soon as the pricing arrangement is finalized, which he believes can happen anytime soon. This development has sparked hope among Nigerians that the fuel scarcity may finally come to an end.
However, a recent report by SaharaReporters has revealed that filling stations owned by the Nigerian National Petroleum Company Limited (NNPC) have hiked the fuel price to over N850 per litre in some parts of the country. The report indicates that this move was in compliance with a directive given by NNPC management, compelling an immediate increment of fuel official price from N568 to N855.
Checks by SaharaReporters in Ilorin, Kwara State, confirmed that NNPC stations have indeed increased the price of fuel to N877 per litre. A picture of an NNPC station in Lagos also showed that the new price is pegged at N855 in the state.
Meanwhile, a viral video on social media captured Nigerians lamenting the new price of fuel. At one NNPC station in Ikoyi area of Lagos State, customers were seen expressing their disappointment at the new price of N855 per litre.
The development has raised concerns about the impact of high fuel prices on ordinary Nigerians, who are already struggling to make ends meet. As the government continues to work on resolving the issue, many are left wondering what lies ahead for the country’s economy.
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