Businessman, Aliko Dangote, on Tuesday revealed that the Federal Executive Council is working on a new pricing arrangement for petrol produced from the Dangote Refinery.
The 650,000-barrel-per-day facility officially unveiled its refined petrol on Tuesday with Dangote announcing that product will be in filling stations in the next 48 hours depending on the country’s national country.
Speaking on the retail price, Dangote stated, “It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu.
“As soon as it is finalized, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.”
In June, Tinubu approved the sale of crude oil to the Dangote Refinery in naira, a move that is geared towards crashing the prices of domestically refined petroleum products.
Dangote said the development will reduce the demand for foreign exchange by 40 percent.
“I will like to salute the people of Nigeria and the government of President Bola Tinubu for creating the environment for us to thrive and also achieve this monumental of giving energy to our people for growth, and prosperity.
“I want to thank President Bola Tinubu for creating this idea of Naira for crude and Naira for the product. Doing that will give a lot of stability to the Naira and remove 40 per cent of the demand for dollars. That’s not just it, there is a lot of round-tripping.”