Fuel price: Oil industry mafia stronger than drug cartel – Dangote

Aliko Dangote, the president of the Dangote Group, has said that the mafia in the oil industry is much stronger than the drug cartel.

Africa’s richest man said this in a 25-minute interview with Bloomberg Television on Monday.

He also disclosed that his refinery is on the verge of concluding an agreement with the Federal Government on the price of petroleum products from the Dangote Refinery, particularly the Premium Motor Spirit.

“Well, yes, most likely,” he said when asked if he would sell cheaper fuel to Nigerians.

“You know, because in the business world I’ve said this in an interview before, when I said I never knew that the mafia in the oil industry is stronger than the drug cartel.

“It’s a big cartel. You know, I’ll say this everywhere, that you’re right, they can say, OK, fine. You know, to make sure that this refinery doesn’t work.

“They will continue to sell cheaper. But right now they can’t sell cheaper because they can’t accept local currency. We accept local currency.

“Not only do we have the refining capacity to serve Nigeria, we have a refining capacity that is almost twice the consumption in Nigeria, but we can also be confident that we can strike a deal with the authorities.

“We will definitely make a deal. The president has announced that… we will. It’s going to start October 1st, you know. So I think between now and the next couple of days they’re going to come up with a very, very clean deal.”