Nigeria is reportedly considering allowing billionaire Aliko Dangote’s refinery to set the price of gasoline it sells, sources close to the matter told Bloomberg. This shift comes as Dangote’s massive refinery near Lagos is set to start refining gasoline locally, reducing Nigeria’s reliance on imported fuel, which has been heavily subsidized at a steep annual cost.
Thank you for reading this post, don't forget to subscribe!Starting next month, the government may grant Dangote’s refinery the power to determine gasoline prices for petroleum marketers, officials said under condition of anonymity. This decision could reshape the fuel market in Africa’s most populous country, where Nigerians continue to face soaring fuel prices and shortages.
The Dangote Group has denied reports that it will price gasoline at ₦600 per litre, stating that pricing decisions will ultimately be made by the Federal Executive Council under President Tinubu. Government spokesman Temitope Ajayi emphasized that the refinery is a profit-driven business and is unlikely to sell products below market value.
Ajayi also noted that the petroleum industry regulator will monitor the quality and fairness of prices to protect consumers from exploitation.
