Dangote refinery won’t sell petrol at regulated price, Dangote says

Aliko Dangote

President of Dangote Group, Aliko Dangote, has said that refined petrol from his refinery will not be sold at the government’s regulated price.

Dangote said this during the visit of Central Bank Governor, Godwin Emefiele, to the refinery in Lagos.

The refinery, which will cost $9 billion (N75 billion), is expected to begin operations in 2020.

Dangote said that petroleum products from the refinery will be sold at export rate within the country taking fuel subsidy into cognizance.

“We are not here to concentrate on export but pricing of products depends entirely on the government. If there will be subsidy, which I doubt very much, that is the job of government not the job of Dangote to determine what the price will be.

“But price of our export is what we sell, which will depend on what the market is internationally, and locally if there will be subsidy, the government will carry that responsibility and not us. Government has to engage us and see how they can find a mid-ground on that,” he said.

Mr Emefiele said the Central Bank was ready to assist anyone who wants to set up a refinery as long as their bank can guarantee their creditworthiness.

“CBN’s support depends on the company’s capacity. I have not seen any other person that has received government licence to set up a refinery. 

“In any case, you don’t come directly to CBN, you have to go through your bank and your bank has to assess your capacity to be able to take on the project,” Emefiele said.