Aliko Dangote, the president of the Dangote Group, has stated that many Nigerians might not be completely aware of the effect his refinery has had on the nation’s fuel prices, According to him, Nigerians presently only pay a small portion of what people in other West African nations do for Premium Motor Spirit, also known as gasoline. He claims that Nigeria is ahead in terms of affordability because of this discrepancy, which is as much as 45% lower..CONTINUE FULL READING>>>>>
Dangote highlighted how the continuous operations at his 650,000 barrels per day facility have lowered prices during a recent visit to the refinery by Dr. Omar Touray, President of the Economic Community of West African States Commission. He claimed that the higher costs that previously plagued consumers have changed, with petrol now being offered for between N815 and N820 per litre.
Since it began producing fuel last year, the refinery has helped to significantly lower diesel prices nationwide. Diesel was selling for about N1,700 per liter when production started. The price dropped to N1,100 per litre in a short time. Important industries like manufacturing, transportation, and agriculture have benefited from this cost reduction. These fuel-intensive businesses have seen an improvement in their operational efficiency.
Nigeria is now less dependent on imported petroleum products because to local fuel refinement, which has resulted in more stable prices for customers. This development occurs at a time when the same products are costing much more in several neighboring countries. According to Dangote, the refinery has strengthened Nigeria’s standing in the area by lowering the cost of petroleum and stimulating the country’s economy as a whole.
In addition to lowering fuel costs, the refinery has increased the potential for trade throughout Africa. Dangote emphasized that Nigeria can now supply its own petroleum needs while maintaining the ability to export to other nations thanks to steady output. In addition to lessening the strain on foreign exchange, this adjustment gives Nigeria an opportunity to improve its commercial ties both inside and outside of West Africa.
Fuel prices are not the only effect of the refinery. Businesses have been able to function at cheaper costs because to the decreased cost of diesel, while farmers and transporters have found it easier to do their jobs. Given the heavy reliance on diesel for farming activities and food distribution, the agriculture industry has benefited most from the decline in fuel prices. As a result, the benefits of local refining are starting to be felt by numerous sectors. Many Nigerians are unaware that they presently only pay 55% of what others in the region spend for gasoline, he said.CONTINUE FULL READING>>>>>