Dangote Refinery To Boycott Subsidy On Petroleum Products

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 President of Dangote Group, Alhaji Aliko Dangote, has revealed that Premium Motor Spirit (PMS) that will be refined from Dangote Refinery will not be sold at the Federal Government’s regulated price.

 

Dangote spoke on the sidelines of the visit of Central Bank Governor Godwin Emefiele to the refinery in Lagos. The business mogul said though the plan is not to concentrate on export entirely, he noted that petroleum products from the refinery will be sold at the 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.

“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 the 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. The 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.”

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