Africa’s richest man Aliko Dangote has confirmed that the Dangote Petroleum Refinery has cut petrol prices by N259 in the past year.

Speaking to journalists on Monday, September 15 to mark the refinery’s first anniversary he also said that Nigeria’s decades-long fuel supply crisis has been stopped.

Dangote who was also reacting to intense criticism from National Union of Petroleum and Natural Gas Workers (NUPENG) and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) revealed the impacts of his refinery.

According to him, the pump price, which stood at about N1,100 per litre last year, has dropped to N841 in the South West, Abuja, Delta, Rivers, Edo and Kwara states.

He said: “Despite opposition and economic headwinds, the refinery has successfully reduced the price of petrol from nearly N1,100 before production began to N841. With the rollout of CNG-powered trucks, this price reduction will soon be felt nationwide."

Dangote near and long term goals for refinery

African richest man also said that its 650,000 barrels-per-day refinery, Africa’s largest has deployed 1,000 Compressed Natural Gas (CNG)-powered trucks as part of its direct fuel distribution programme.

The initiative, according to Dangote, will create 24,000 jobs in the first phase, the Nation reports.

He added that the refining capacity would rise to 700,000 bpd next year, adding that the plant has the ability to meet Nigeria’s domestic demand while generating foreign exchange through exports. Between June and early September, the refinery exported more than 1.1 billion litres of petrol, he said.

Dangote, who backed the federal government’s target of growing Nigeria into a $1 trillion economy by 2031, urged more Nigerians to invest locally.

He acknowledged resistance from some vested interests in the downstream sector, but maintained the project was designed to support growth across Nigeria and Africa.

He said: “We have been battling fuel queues since 1975, but today Nigerians are witnessing a new era. “What we have done is to make our country and continent proud."