We can’t do that – Dangote speaks on rising fuel price

Aliko Dangote, President of Dangote Industries Limited, has explained that his refinery cannot merchantability petrol beneath the prevailing marketplace terms amid rising crude lipid and proscription costs.

Dangote made the remarks portion fielding questions during an interrogation connected Arise Television.

He said the refinery’s astir caller terms summation came erstwhile the marketplace terms stood astatine N1,265 per litre, but petrol importers were incapable to merchantability astatine the prevailing complaint due to the fact that they would person incurred important losses.

“The past summation we did, the marketplace was really astatine N1,265, but nary of the importers were capable to sell,” Dangote said.

He explained that the institution initially waited for the marketplace terms to autumn but had to set its pricing aft the terms continued to rise.

According to him, the refinery is besides facing higher crude lipid costs, noting that the institution bought crude successful May astatine $124 per barrel.

“But we can’t spell present and subsidise everything,” helium said.

Dangote, however, said the institution was taking steps to cushion the interaction of rising substance prices by providing escaped proscription of petrol to assorted parts of the country.

He...