Oil and gas expert Olabode Sowunmi has clarified that Dangote Refinery’s primary goal is not to reduce fuel prices for Nigerian consumers. In an interview with Channels Television, Sowunmi addressed the misconception surrounding the refinery’s impact on fuel prices.

Sowunmi emphasized that Dangote Refinery is a private business focused on generating profits for its shareholders, rather than providing subsidized fuel. He noted that the refinery’s petrol prices may even surpass those of imported products.

The expert highlighted the refinery’s benefits, including eliminating transportation costs associated with importing petroleum products. However, he stressed that profitability takes precedence over cheap prices.

Sowunmi’s comments come amid escalating fuel prices, with NNPCL retail outlets recently increasing prices to N1030 per liter. This hike follows Dangote Refinery’s commencement of petrol sales on September 15, 2024.

President Aliko Dangote previously stated that Dangote Refinery’s petrol is 15% cheaper than imported ones, but Sowunmi’s insights provide a more nuanced understanding of the refinery’s pricing strategy, prioritizing profitability over discounted prices.