Aliko Dangote, the President and CEO of the Dangote Group, has addressed the ongoing concerns about petrol prices in Nigeria, emphasizing that many Nigerians do not fully grasp how affordable petrol actually is within the country, especially when compared to prices in other parts of West Africa.
Speaking at the official launch event for the reconstruction of the Deep Sea Port Access Road in Lagos, Dangote made a strong case highlighting that fuel prices in Nigeria remain significantly cheaper than in many neighboring countries, reinforcing his belief that petrol in Nigeria should not be considered expensive.
He stated, “Some people here in Nigeria might think that petrol at less than N900 per litre is expensive, but when you look across West Africa, there is nowhere petrol sells for less than one US dollar, which translates roughly to about N1,600.” This comparison aims to provide a clearer perspective on how favorable the local petrol pricing actually is in the Nigerian market.
Dangote went further to commend the recent strides made towards improving fuel supply nationwide. He pointed out that a substantial number of petrol stations that had been non-operational due to fuel shortages are now fully functional again, which has helped ease the widespread issue of long petrol queues.
He confidently assured the public, saying, “The majority of fuel stations that were not working, they are now back to work; there is no more shortage, no more queues, and there will never be.” This optimistic outlook indicates that the fuel supply situation is stabilizing and improving steadily across the country.
His remarks come at a time when many Nigerians continue to voice frustrations about the price of petrol, which has recently fluctuated between N800 and over N1,000 per litre depending on the location and availability. Despite this, Dangote stresses that the situation remains comparatively better than in neighboring West African nations.
In addition to addressing petrol prices, Dangote also used the occasion to announce a significant gesture of gratitude towards the current administration. He revealed that the road leading directly to the Dangote Refinery, a landmark project expected to boost Nigeria’s economy and fuel independence, has been officially named after President Bola Ahmed Tinubu.
This naming serves as a recognition of the government’s support and partnership in facilitating the refinery’s operations and the broader infrastructural development surrounding the project. It symbolizes a collaborative effort between the private sector and the government to foster growth and self-sufficiency in the country’s fuel industry.