President of Dangote Industries Limited, Aliko Dangote, has promised to crash the price of PMS also known as petrol to N740 per litre before the end of the month.
The Richest Man in Africa stated that the Dangote Refinery is working tirelessly to ensure that the pump price of petrol is reduced before Christmas.
To ensure that this is achieved, he said, the Refinery has reduced the minimum purchase by petroleum marketers to 500,000 litres from two millions litres.
The magazine reports that the Refinery announced last week that it has reduced the Depot Price of PMS to N699 per litre.
Speaking on Sunday at a press conference in Lagos, the businessman said the company is committed to ensuring that Nigerians enjoy the benefits of local refining, noting that all MRS filling stations, will, from Tuesday December 16 begin to sell petrol at N740 per litre.
He stressed that the company is going ahead with its plan to ensure that fuel is evenly distributed across the country, using the 4000 CNG trucks it procured recently, adding that more trucks will be added to the fleet soon.
He explained that the products from the refinery are better than imported ones because they are straight-run fuels and not blended products imported by some marketers into the country, saying Nigerians have “a choice to buy” quality and affordable locally produced fuel instead of paying more for imported blended products.
Dangote stressed that he was not driven by personal gains by setting up the multi-billion refinery, adding that his concern was primarily to leave behind a good legacy for Nigerians, citing, for instance that he decided to list the Refinery on the Nigerian Stock Exchange, NGX so that interestd Nigerians can have a share of the business.
He disclosed that discussions were already ongoing with the Securities and Exchange Commission, SEC, to enable Nigerians to purchase shares in naira while receiving dividends in dollars.
“We want every living Nigerian to have the opportunity to benefit, no matter how small their holding. If the market takes 55 per cent and I retain 45 per cent, I am satisfied,” he said.
On December 6, Dangote met with President Bola Ahmed Tinubu in Aso Rock, after which he told journalists that the price of petrol will continue to crash.
Six days after on December 12, the refinery lived up to its promise by reducing the Depot Price of PMS to N699 per litre, the action marked the 20th price adjustment in the year 2025.
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