In a recent interview with Channels Television, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, expressed optimism that petrol prices in Nigeria will decrease as the Dangote Refinery scales up production.
Edun highlighted that with the refinery now operational and the Nigerian National Petroleum Corporation Limited (NNPC) beginning to lift refined petrol, the potential for reduced petrol costs is significant. He emphasized that as the refinery and others achieve greater economies of scale, the cost reductions should be passed on to consumers.
Congratulating key figures involved, including Dangote Refinery owner Aliko Dangote and NNPC CEO Mele Kyari, Edun praised their contributions. He stressed the importance of allowing the refinery and other stakeholders time to ramp up production and lower prices, noting that this development is a win for both the government and the Nigerian people.
“We’re expecting that as this refinery, and even others, ramp up production, scale, and achieve greater economies of scale, there should be the opportunity—and there is definitely the potential—to reduce their costs, which should be passed on to the consumer,” Edun said.
