By Ogbitse Meyiwa

Aliko Dangote, Africa’s richest man and Chairman of the Dangote Group, said his $20 billion, 650,000 barrels-per-day Lagos-based refinery will reduce the price of fuel, as it has already decreased the price of diesel in Nigeria.

He made this statement at a recent Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum in Nassau, The Bahamas.

When asked whether his refinery would reduce the pump price of petrol, which currently sells at an average of N700 per litre, Dangote did not give a definite answer. However, he explained that the price of diesel fell from N1,700 to N1,200 when his diesel entered the Nigerian market.

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