Aliko Dangote says market forces made him lower fuel prices at his huge oil plant in Nigeria. The price drop comes after a year when costs kept rising.
His $20 billion Dangote refinery just cut fuel prices to 899.50 naira per liter, starting a price war that helped many Nigerian drivers.
"We must protect our plant and our money," Dangote said on Arise TV. His company spent billions building Africa's biggest oil plant.
The price cuts spread fast. Nigeria's state oil firm matched Dangote's price at 899 naira per liter. MRS fuel stations across Nigeria will sell Dangote's fuel at 935 naira.
These changes matter because Nigeria has financial troubles. The country spends much of its cash buying fuel from other sources, and Dangote thinks his plant can help fix this problem.
The billionaire stressed that he didn't plan these cuts just for the holiday season. "The market made this happen," he said. His words show how Nigeria's fuel business keeps changing.
Many Nigerians are happy to pay less for fuel. After months of high prices, they can fill their cars without spending as much money. The competition between oil sellers helps keep prices down.
His $20 billion Dangote refinery just cut fuel prices to 899.50 naira per liter, starting a price war that helped many Nigerian drivers.
"We must protect our plant and our money," Dangote said on Arise TV. His company spent billions building Africa's biggest oil plant.
The price cuts spread fast. Nigeria's state oil firm matched Dangote's price at 899 naira per liter. MRS fuel stations across Nigeria will sell Dangote's fuel at 935 naira.
These changes matter because Nigeria has financial troubles. The country spends much of its cash buying fuel from other sources, and Dangote thinks his plant can help fix this problem.
The billionaire stressed that he didn't plan these cuts just for the holiday season. "The market made this happen," he said. His words show how Nigeria's fuel business keeps changing.
Many Nigerians are happy to pay less for fuel. After months of high prices, they can fill their cars without spending as much money. The competition between oil sellers helps keep prices down.
