BREAKING: FG Projects Petrol Price Reduction With Dangote Refinery

FG has projected a petrol price reduction in Nigeria with Dangote Refinery commencing supply.

NewsOnline Nigeria reports that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said on Sunday that there is an expectation that as the Dangote Refinery increases production and achieves economies of scale, the cost of petrol in the country will reduce.

The Minister stated this during an interview with Channels Television.

Responding to the question on how the development is expected to impact the price of petrol, Edun said the government is giving an opportunity for petrol prices to fall in Nigeria as Dangote and others ramp up production.

Edun congratulated the owner of Dangote Refinery, Aliko Dangote, the NNPC, led by the group Chief Executive Officer (CEO), Mele Kyari, the Ministry of Finance, and the Chairman of the Federal Inland Revenue Service (FIRS) for their respective contributions, thus far.

He expressed optimism that consumers would enjoy lower prices as local production and distribution of petrol expand, stressing that the federal government must give Dangote Refinery and other relevant oil stakeholders a chance to reduce petrol prices.

He said, “We’re expecting that as this refinery, and even others, ramp up production, scale, and achieve greater economies of scale, there should be the opportunity—and there is definitely the potential—to reduce their costs, which should be passed on to the consumer.

“So, we have to give them a chance. They have just started, and they have done very, very well.”

“It’s a triumph for Alhaji Aliko Dangote, it’s a triumph for Mr. President, above all, but it’s also a very good day for Nigerians, and we look forward with optimism. Thank you.”