The Nigerian government announced it will not fix prices for the new Dangote Refinery, leaving the company's rates to be determined commercially.

Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), gave the assurance.

Speaking in Abuja during a meeting with key oil marketing companies, Ahmed stated that whatever price the company sells will affect the agreement between both parties.

Dangote refinery prices

NMDPRA boss stressed that though the government was encouraging local refining of petroleum products to reduce imports, it would not compel oil marketers to buy from Dangote Refinery as the decision was commercial.

His words “We reassured the marketers, emphasising that the Dangote Refinery represents a significant achievement for our country"

In the past, we relied on imports for all our petroleum product needs, except for those supplied by modular refineries.

"As an oil-producing country, we at NMDPRA believe it's crucial to support our local industry. That's why we encourage our marketers to use our local refineries. However, it's ultimately a commercial decision between suppliers and clients. NMDPRA does not set prices or determine purchasing decisions.

"It's up to the marketers to choose whether to buy from Dangote Refinery, and for Dangote Refinery to set its prices. As regulators, our priority is ensuring the nation's adequate supply."