New Fuel Price: Man Points Out Why Nigeria Needs Billionaires Like Dangote

• The reduction of the cost of a litre of petrol by the Dangote Refinery has sparked exciting reactions from Nigerians on social media
• The Dangote Group, owners of the Dangote Refinery in Lagos said it reduced the cost of a litre of fuel to N699 at its dispensing gantry
• Many Nigerians who heard the news were happy and hopeful that the cost of a litre of fuel would be reduced at the filling station level

Dangote's announcement of the reduction of the cost of fuel at it's Lagos refinery has got Nigerians excited.

A lot of Nigerians on social media have heaped praised on Alhaji Aliko Dangote who is the owner of the Dangote Refinery.

The Dangote Refinery said a liter of fuel at its refinery will now sell for N699 to major marketers and filling station owners.

The Dangote Group said in an X post:

"To further support customers, the refinery has introduced a 10-day credit facility, backed by bank guarantees, with a minimum purchase threshold of 500,000 litres."

'We need more people like Dangote'

Meanwhile, a Nigerian man identified on X as Mayowa said Nigeria needs more ambitious and audocious billionaires like Dangote.

He was reacting to the reduction of the cost of PMS by the Dangote Refinery.

He said:

"You can be fairly certain that no one will commit $20 billion to a refinery in the next twenty years. There will be refineries, and there will be large ones, but none will rival his in scale. This is precisely what he did with Obajana. Many companies have built cement plants, but no one has built another Obajana. If Dangote were to enter steel tomorrow, you could be confident he would build the largest steel plant in Africa as well. In my view, Nigeria needs people like this, people who think and build at scale."

See the post below:

Reactions as Dangote reduces the cost of fuel

@GSaint_ME said:

"Is it not better to have a product even from a monopoly than you totally lack it.? We take availability of cement for granted becaue it was over supplied. That's the same way we may start taking fuel for granted but shouting about monopoly. Every country has their own monopoly."

@gangleri_w

"It is important that anyone who wishes the country well not get hoodwinked by these things. Nigerians pay significantly higher for cement than other African countries. What is the point of all that scale if it's only going to be used to make people suffer more? High cement costs contribute to the high rent prices people deal with in their personal and business lives. What we need is rich vibrant competition from both local producers and imports that lets us enjoy quality products at cheap prices. Not gigantic behemoths that susck us dry while we marvel at their scale."

Lady explains why Dangote went after NMDPRA's boss

Earlier, Legit.ng reported that Alhaji Alike Dangote's accusations against NMDPRA's boss has sparked many reactions from Nigerians on social media.

According to the allegation made by Dangote, NMDPRA's boss alleged paid school fees amounting to $5 million for his children.

A Nigerian lady who saw the allegation has shared a post, explaining why Dangote is at dagger's drawn with Farouk Ahmed.