Dangote Raises Fresh Concerns as 6 Fuel Stations Crash Pump Prices Below NNPC’s Rate

• Africa's richest man, Aliko Dangote, has once again spoken up about the challenges his refinery is facing
• He noted that some individuals are still opposing the success of its refinery operations, and he has vowed not to relent
• Dangote Refinery has been very instrumental in influencing the price of fuel, with its partners now selling below NNPC's rates

Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.

Aliko Dangote has raised fresh concerns over persistent efforts by some individuals against the survival of his 650,000 barrels-per-day refinery located in Lekki, Lagos.

Speaking at an investor forum in Lagos on Friday, May 2, Africa’s richest man highlighted ongoing refinery challenges and vowed to continue to fight on.

Semafor, an international news medium, reported that Dangote revealed that certain individuals who have profited immensely for decades from government-subsidised oil imports into Nigeria are now the ones attempting to sabotage the

Dangote was quoted as saying that

“Those groups have funded resistance to the Bola Tinubu government’s removal of petrol subsidies and are opposed to the refinery operating easily in the country.”

However, Dangote was confident that he and the group would win the battle, priding himself on being a long-time fighter.

He added:

“We’re fighting, and the fight is not yet finished. But I have been fighting all my life, and I am ready and 100 per cent sure I will win at the end of the day."

This is not the first time Dangote has raised an alarm about persons trying to undermine the operation of its refinery.

At a point in 2024, Dangote said he regretted building the refinery, saying the mafias in the oil and gas sector were stronger than those of drugs.

However, he refused to give up on the project as the facility targets its full capacity soon, Punch reports.

Dangote said:

"For 35 years, people were used to counting easy money. Now that those days are over, you can’t expect them to support you naturally, they’ll push back."

Dangote crashes fuel prices

Since kicking off operation, Dangote refinery has been key to determining the trajectory of fuel prices in Nigeria.

Recently, the refinery announced that it is reducing fuel prices and instructed its partner downstream players to also adjust prices.

Dangote's current retail partners include Technoil, MRS Nigeria, Ardova PLC, Optima Energy, and Hyde and Heyden.

Right now, most of Dangote's partners are selling fuel lower than the prices quoted by the Nigerian National Petroleum Corporation Limitedthe of N880 per litre.

Marketers worried about losses

Ealier, Legit.ng reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned oil dealers and importers of future losses.

The marketers warned that price cuts from the different players could result in a precarious situation, and advised the importers to make purchases carefully, to avoid being stuck with products they cannot sell.

Dangote and NNPC have silent and been locked in a silent price war in line with the deregulation of the industry.