Africa’s richest man, Alhahi Aliko Dangote, has reassured Nigerians that petrol from the Dangote Refinery will continue to be sold at what he described as a “reasonable and competitive” price, despite ongoing concerns about fuel costs nationwide.
Dangote spoke to journalists on Friday after a closed-door meeting with President Bola Tinubu at the Presidential Villa in Abuja.
According to the billionaire industrialist, market forces are already pushing fuel prices downward, and the refinery intends to keep its products affordable in order to compete with imported petrol.
“Prices are coming down, and they will continue to come down,” he said, explaining that Nigeria’s lower domestic fuel rates almost half of what neighbouring countries pay still encourage cross-border smuggling.
While petrol reportedly sells for around N800+ per litre in Nigeria, some nearby countries pay N1,500–N1,600, creating a lucrative incentive for smugglers.
“Even with tighter border controls, the price gap makes smuggling hard to eliminate,” he noted. “But for us, both diesel and PMS will continue to be sold at rates consumers can consider reasonable.”
The 650,000-barrel-per-day facility located on more than 2,600 hectares in the Lekki Free Zone, Lagos—began supplying diesel and aviation fuel in January 2024.
Petrol production kicked off in September, helping to stabilise prices that had soared after the removal of fuel subsidy.
Since then, Nigerians have seen pump prices fluctuate between N800 and N1,000, down from the earlier highs following subsidy removal.
Dangote also waved aside concerns that the scale of his investment could trigger aggressive pricing.
He emphasised that the refinery estimated to have cost $20 billion, was never intended to yield rapid returns.
“We’re not trying to recover $20 billion overnight.
“This project is long-term. What matters to me is the legacy, ensuring that Nigeria can meet its own fuel needs and reduce reliance on imports, ” he said.
Dangote described his meeting with President Tinubu as productive, saying they discussed the economy, market environment, and the refinery’s role in stabilising national energy supply.
