Dangote: Nigerians paying only 55% of petrol price in West Africa

Aliko Dangote, president of the Dangote Group, says Nigerians are paying 55 percent of what others in the West African region are paying for petrol.

Dangote spoke when Omar Touray, president of the Economic Community of West African States (ECOWAS) commission, visited his refinery.

He said Nigerians are benefiting from local refining as the price of petrol has fallen significantly compared to neighbouring countries.

“In neighbouring countries, the average price of petrol is around $1 per litre, which is N1,600. But here at our refinery, we’re selling at between N815 and N820,” Dangote said.

“Many Nigerians don’t realise that they are currently paying just 55% of what others in the region are paying for petrol.

“We also have a much larger initiative in the pipeline, something we’ve not yet announced but Nigerians should know that this refinery is built for them, and they will enjoy the maximum benefit from it.”

The billionaire said the price reduction is directly attributed to local refining, which improves fuel affordability and also strengthens energy security and reduces reliance on imports.

Dangote said as long as “we continue importing what we can produce, we will remain underdeveloped”.

“This refinery is proof that we can build for ourselves at scale, to global standards,” the entrepreneur said.

He noted that the Dangote refinery is fully equipped to meet the petroleum needs of Nigeria and the entire West African region, denying claims suggesting that “we don’t even produce enough to meet Nigeria’s needs”.

“But now, they are here to see the reality for themselves and, more importantly, to encourage other nations to embark on similarly large-scale industrial projects,” Dangote said.

Dangote emphasised that Africa can benefit from intra-continental trade, especially by adding value to its resources, citing the refinery’s role in reducing Nigeria’s refined product and production costs.

“Last year, when we began diesel production, we were able to reduce the price from N1,700 to N1,100 at a go, and as of today, the price has crashed further. This reduction has made a significant impact across various sectors,” he said.

The businessman said the price slash has supported industries, aided the mining sector, and offered crucial support to agriculture.

‘DANGOTE REFINERY CRITICAL IN MEETING ECOWAS SULPHUR LIMIT GOAL’

On his part, Touray noted that the refinery is critical in enabling the ECOWAS region to meet its 50 parts per million (ppm) sulphur limit for petroleum products.

“We are still importing products below our standard when a regional company such as Dangote can meet and exceed these requirements,” he said.

“The private sector must take the lead in ECOWAS industrialisation.”

Touray said the visit also serves as an opportunity to hear directly from “Mr Dangote, about what the private sector expects from the ECOWAS community”.

He noted that as the ECOWAS celebrates its 50th anniversary, the community is more committed than ever to bringing the private sector to the table — to listen to their perspectives and to understand how best to create an environment that works for them.

“We cannot continue to make decisions on behalf of the private sector from a distance. Visits like this provide us with first-hand experience and direct insight into the challenges they face — challenges that authorities and government officials must work to address,” Touray added.

He said the region must adopt an industrial strategy to tackle pressing issues like youth unemployment, poverty, and insecurity.

Touray also pledged the commission’s full support for regional leaders like the Dangote Group to access broader ECOWAS markets, encouraging other African nations to emulate Nigeria by developing infrastructure that benefits the entire continent, not just individual nations.