President of Dangote Industries Limited, Aliko Dangote, has explained why they took the decision to reduce the price of Premium Motor Spirit, commonly known as petrol, to N899.50 per litre at its loading gantry.

According to Dangote, it was primarily driven by the complex dynamics of market forces.

He also said it is his responsibility to safeguard both the interests and the investments of the multibillion dollar company.

The business tycoon made these statements during an interview in an Arise TV documentary posted on YouTube.

He said, “The price reduction is a response to the market, let me just put it that way. It is a refinery where we invested over $20bn and I think we have to try and protect our interests and also our investments.”

On December 19, 2024, the Dangote refinery reduced the ex-depot price of its petrol from N970 to N899.50 per litre.

This sparked intense pricing competition in the downstream sector, forcing the NNPCLto to reduce its ex-depot price to N899 per litre.

Similarly, the refinery announced its partnership with MRS Petrol station to sell petrol from its retail outlets nationwide at N935 per litre, to the delight of Nigerians.