{"id":327135,"date":"2024-06-14T10:11:02","date_gmt":"2024-06-14T09:11:02","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=327135"},"modified":"2024-06-14T10:11:02","modified_gmt":"2024-06-14T09:11:02","slug":"my-refinery-will-crash-petrol-price-in-nigeria-dangote","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/06\/14\/my-refinery-will-crash-petrol-price-in-nigeria-dangote\/","title":{"rendered":"My refinery will crash petrol price in Nigeria \u2013 Dangote"},"content":{"rendered":"<ul>\n<li><strong>Dangote said Nigeria does not have strategic reserves for petrol, a situation he described as &#8216;dangerous&#8217;<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>The Chairman of Dangote Group, Aliko Dangote, has disclosed that his Lagos-based refinery will significantly reduce the price of fuel as it crashed the price of diesel in Nigeria.<\/p>\n<p><a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/06\/11\/dangote-postpones-petrol-supply-date-to-july\/\">Dangote<\/a> made the disclosure at a recent Afreximbank Annual Meetings and AfriCaribbean Trade &amp; Investment Forum in Nassau, The Bahamas.<\/p>\n<p>Dangote, Africa&#8217;s richest man, was responding to question posed to him on the likelihood of his $20 billion 650,000 barrels per day refinery crashing the pump price of petrol, which sells at an average of N700 per liter.<\/p>\n<p>Dangote, who gave no definite answer, explained how the price of diesel fell from 1,700 to N1,200 when his diesel flooded the Nigerian market.<\/p>\n<p>He noted that his refinery currently has 4.78 billion liters of storage capacity for refined petroleum products, adding that Nigeria does not have strategic reserves for petrol, a situation he described as &#8216;dangerous&#8217;<\/p>\n<p>\u201cThe issue of gasoline is certainly a different issue. That one is being dealt with by the government. But let me give you an example. In diesel, which the industries, transporters and everybody consume; when we first started, it was N1,700, and the dollar conversion was about N1,200 then. Immediately when we started, within two weeks we brought down the price to N1,000. We took it from N1,700 to N1,200 and from N1,200 to N1,700, we have given more than a 60 percent drop in price.<\/p>\n<p>\u201cWith the currency now back up to about N1,500 per dollar, the price is still below N1,200. That\u2019s a big improvement, from N1,700 to N1,200. And the diesel is available, we are not living from hand to mouth anymore,\u201d Dangote replied when asked about a possible petrol price cut.<\/p>\n<p>\u201cThe country doesn\u2019t have strategic reserves in terms of petrol, which is very dangerous. But in our plant now, when you came, we had only 4.78 billion liters of various tankage capacity. But right now, we\u2019re adding another 600 million.<\/p>\n<p>\u201cSo effectively, as we go forward, the refinery will be the strategic reserve of the country in terms of petroleum products,\u201d he noted.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dangote said Nigeria does not have strategic reserves for petrol, a situation he described as &#8216;dangerous&#8217; The Chairman of Dangote Group, Aliko Dangote, has disclosed that his Lagos-based refinery will significantly reduce the price of fuel as it crashed the price of diesel in Nigeria. Dangote made the disclosure at a recent Afreximbank Annual Meetings [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":221385,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[5323,14728,2288,3785],"class_list":["post-327135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-dangote","tag-diesel","tag-petrol","tag-petrol-price"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>My refinery will 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