In a surprising development that has sent shockwaves across the nation, Dangote Refinery, Africa’s largest oil refinery, is set to price petrol between N857 and N865 per litre, according to an announcement made on the Nigerian Stories’ official X (formerly Twitter) handle.
This revelation, which was first reported by Vanguard, comes at a time when Nigerians are grappling with the ever-increasing cost of living. The refinery, a flagship project of billionaire Aliko Dangote, had been widely anticipated as a solution to Nigeria’s fuel import dependency, with hopes that it would stabilize fuel prices. However, this new price point suggests that local production might not immediately bring relief to consumers’ pockets.
The projected petrol price range of N857 to N865 is significantly higher than the current rates, raising concerns about the potential economic impact on the everyday Nigerian. The news has already sparked intense discussions across social media platforms, with many Nigerians questioning how the new prices will align with their household budgets and the government’s promises of reducing fuel costs.
As the Dangote Refinery prepares to enter full-scale operations, industry analysts are watching closely to see how the pricing will evolve and whether there might be any interventions from the government to cushion the effects on the populace. The refinery, capable of processing 650,000 barrels of crude oil per day, was initially expected to boost domestic fuel production and lower prices, but rising global oil prices and the devaluation of the naira may have contributed to the unexpectedly high petrol cost.
The coming days will be critical as the nation awaits further details and an official announcement from the Dangote Group on the refinery’s pricing strategy. If these price estimates hold, the Dangote Refinery’s entrance into the market may not provide the immediate economic relief many Nigerians had hoped for.
For now, the question on everyone’s mind is: Will there be any efforts to mitigate the impact on citizens, or is this the new reality for fuel prices in Nigeria? Only time will tell.
PIONEER NEWS 