The President of Dangote Group, Alhaji Aliko Dangote, has said premium motor spirit (PMS) or petrol that will be refined from Dangote Refinery will not be sold at Federal Government’s regulated price.

This ends the speculation about how much the pump price petrol from the first private refinery will attract when it begins operation next year.

Dangote spoke on the sidelines of the visit of Central Bank Governor Godwin Emefiele to the refinery in Lagos.

Dangote said though the plan is not to concentrate on export entirely, he noted that petroleum products from the refinery will be sold at export rate.

He said it is the duty of the Federal Government to determine the price of fuel, adding that he doubts whether fuel subsidy will continue but if it does, the government can engage the company to find a mid-ground on how to tackle the issue of subsidy.

He said: “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 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.”
On job creation, Dangote said the refinery and petrochemical project is transformational. Considering that Nigeria depends on importation to meet its fuel consumption needs and the attendant huge subsidy to keep pump price at regulated price of N145 per litre, he said the project will create massive jobs.

According to him, most filling stations don’t sell fuel because of lack of fuel in view of issues around importation, adding that when the refinery begins operation, it will put these filling stations and their workers back to work.

He said: “Currently, more than 26,000 people are working on the project and at the height of the project, the number of workers will soar to about 80,000 people and there will be more than 50,000 workers living internally in the company.”

Emefiele promised the apex bank’s assistance to other refineries’ licencees whose banks can vouch for their credit worthiness.

Emefiele said: “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.

“My suggestion is that if there are people that have interest in CBN’s support, they should go to their banks and if their banks are able to display their credit worthiness to be able access such facility, CBN is ready to support them in naira and dollar that they need to import equipment that will enable them conduct their businesses.

“I have not seen any, if I see any through their banks, I can assure they will receive this kind of support Dangote got from CBN.”
The CBN supported Dangote Refinery, which will cost $9 billion (N75 billion) and the fertiliser plant which will cost $2 billion with N50 billion. The apex bank chief also stated that the refinery and petrochemical project is funded by 60 per cent of Dangote’s equity with the remaining 40 per cent funded by debts from local and foreign banks and CBN’s support.

http://thenationonlineng.net/dangote-refineryll-not-sell-petrol-regulated-price/

OK

Till then we shall understand his Plans and Promises.

Of course he won't coz he is private and the sole purpose of private business is profit making..

this man (dangote) will buy nigeria and everything (including u) in this shithole.
if dangote can build 1 standard refinery, what stops the federal govt frm building 10 of it.
shame to our politicians

What's the implication of this from all angles, please the good politics neutral economists here should come and explain this to us in details

I've fallen, cried, been angry and afraid. But even when I was hurting, I always found a way to keep going. A strong person never gives up.

In what Price let us know N300 Per litre

h

What an irony if this is coming from somebody that is getting forex far less than market price.

Dangote will soon make so much money that he will offer to buy Nigeria.

No body took the balls to man up and take advantage of the oil and gas problems we face even as an oil producing country. Aliko stepped up and he's going to literally replace the midstream of nnpc in oil refining.

modified*


To the ones saying politics is played to keep powers in the hands of few. show me a country where it's not done. The US y'all look up to is the worst in these scheme. Today, the Jews own and control the biggest monopoly in the USA. If a one man monopoly will ensure our crude is refined here in Nigeria instead of outside, despite of the three refineries we have) let it be so

exactly..

But if his main aim is profit making as a business man why is he being part funded by the FG

Thought the involment of Aliko Dangote in the sector was to liberilize the market and create more consumer friendly competition?

So we're still going back to where we started again And another entrepreneur is being set up by the Buhari cabal to create another monopolistic market.Nigeria your redemption lies with Atiku/Obi.

NNPC must be unbundled.PIB must be pass as a legislation to liberalize the downstream petroleum sector.Allocation of oilblocks must be made transparent.

Dangote everywhere

Profit oriented

This is why am disappointed when ignorant people mouth that the coming on stream of Dangote refinery will bring down the cost of pms. He is a shrewd and exploitative business man, it may even sell higher than 145. The cement sector that was almost handed to him, how far? Instead we now have cement from N850 to N2300 per bag.
The secret is to completely deregulate these sectors to allow multiple competition, including imported ones. No advantage to any.
Imagine dangote locally refining but already saying he will sell at export price

.

Who doesn't understand, just like me. Hit like

Colour me surprise.

But the monopolist will get subsidy from FG on crude oil

Dangote is NOT in any way a business genius but a crafty govt contractor who depends solely on lobbying and govt patronage.

If you think otherwise, then ask why his net worth dropped when Nigeria went into recession?

Thumbs up for Dangote

When did $9b become 75b naira?

If that thing is true, then Nigeria is definitely very useless. You don't do that. That's a private business

I hope the 75b is just the support given by CBN

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How much? And your contact?

ekobami:


How much? And your contact?

140k and slightly negotiable
Abiodun1899atgmail.com

H

nonye6194:
No body took the balls to man up and take advantage of the oil and gas problems we face even as an oil producing country. Aliko stepped up and he's going to literally replace the midstream of nnpc in oil refining.

Nonsense. FG helps him and destroy others. Look at how he flopped in tomatoes because FG does not control who buys or the price