Aliko Dangote Addresses Petrol Price Reduction Criticism

The Chief Executive Officer (CEO) of Dangote Group and Dangote Petroleum Refinery Company, Alhaji Aliko Dangote, has addressed the recent criticism that trailed the reduction in the pump price of petrol following his refinery’s agreement with MRS Oil Limited.

Investors King reported that Dangote Petroleum Refiner after signing an agreement with MRS Oil announced a reduction in petrol price to ₦935/litre reflecting a ₦95 reduction from the previous ₦1,030/litre.

Similarly, the Independent Petroleum Marketers Association of Nigeria (IPMAN), on Sunday, announced that its members will sell petrol at ₦935 per litre, down from the previous prices of ₦1,025 and ₦1,065 per litre.

This announcement was made by the IPMAN National Publicity Officer, Chinedu Ukadike, who disclosed that the union’s decision follows the reduction of the ex-depot price as a result of pricing competition between NNPC and the Dangote refinery.

In reaction, many Nigerians, notably the Nigeria Labour Congress (NLC) condemned the reduction stressing that it does not reflect the current reality in the country.

The union called for further reduction describing the ₦95 drop as not satisfactory.

Addressing these criticisms, Dangote explained: “The price reduction is a response to the market, let me just put it that way. It is a refinery where we invested over $20bn and I think we have to try and protect our interests and also our investments.”

In an interview monitored by this platform on Wednesday, December 25, Dangote criticized the continued importation of petrol, citing its damaging consequences on the country.

He stated, “40 per cent of our demand on foreign exchange is through people dealing in petroleum products and the more we allow imports to come in, not because I do not want imports, but the more we allow imports to come in, the more we keep using most of our foreign exchange out of the country because the majority of those letters of credit open for petroleum products and the goods are not coming into Nigeria.

“There is nothing you would do that you won’t get criticism for. But I think we cannot also control people from speaking their minds,” he added.

Addressing the criticism, Dangote emphasized, “In the last 100 years, no one in Nigeria has invested $20 billion in a single project. Criticism will not stop us from continuing with what we are doing. I did this project because of my love for my country and to make sure that I have a legacy project. If I invested this money in Google or Apple, my investment would be more, and I wouldn’t be having the headache that I’m having today.”

“So, I think it is patriotism that made me do this. I would rather leave a legacy behind. I’m not a rich man. I’m a wealthy man. And wealthy people, what they do is to create work for the generality of people, not to amass cash for themselves,” the African richest man concluded.