The president of the Dangote Industries Limited, Aliko
Dangote, explained that the complicated dynamics of market forces were the
causes of the drop in the price of Premium Motor Spirit (PMS), to 899.50 per
litre at loading gantry. He said it is his duty to ensure that the multi-billion
dollar company’s interests and investment is protected. He stated, We invested
more than $20 billion in this refinery, therefore I believe we need to project
our interests and also our investment.
Dangote continued the conversation by restating that the
650,000 barrels per day, the refinery will revolutionize Nigeria’s overall
economy in addition to the oil industry. He said the pressure on foreign
exchange increases when nation import petroleum products. “people who deal in
petroleum products account for our demand for foreign exchange, and the more we
allow imports to enter or country, not because I don’t want them, but because most
of those letters of credit open for petroleum products and the goods are not
coming into Nigeria, the more we continue to use the majority of our foreign
exchange out of the country”, He said.
On Dec. 19 the ex-depot of the Dangote refinery’s PMS was
reduced from N970 to N899.50 per litre. The downstream industries experienced
fierce pricing competition as a result, which make NNPC to lower its ex-depot
price to N899 per litre.
The Dangote refinery announced that it will be partnering
with MRS petrol stations to offer its retail outlets in the country for N935
per litre.