PeakNews Online
Lagos, Nigeria – Aliko Dangote, the prominent Nigerian businessman and owner of the Dangote Refinery, has announced that petrol produced from his 650,000 barrels-per-day facility will be available at filling stations within the next 48 hours.
The process is pending final arrangements with the Nigerian National Petroleum Company Limited (NNPCL).
Speaking at a press briefing on Tuesday, Dangote confirmed the commencement of petrol production at his refinery. “Our Premium Motor Spirit (PMS) can be in filling stations within the next 48 hours, depending on NNPCL,” he said.
When asked about the pricing of petrol from his refinery, Dangote explained that the pricing model had been approved by the Federal Executive Council under the leadership of President Bola Ahmed Tinubu. “Once the final modalities with NNPC are completed, which could be today or tomorrow, we are ready to roll into the market,” Dangote added.
The $20 billion refinery, located in Lagos, began operations in December 2023, initially producing 350,000 barrels per day. Dangote aims to reach full capacity of 650,000 barrels per day by the end of the year. The refinery has already started supplying diesel and aviation fuel to Nigerian markets, and petrol is the latest addition to its offerings.
Additionally, Dangote praised President Tinubu’s initiative to introduce a “Naira for crude” policy, which he said could reduce the demand for foreign exchange by 40%. “This policy will provide stability to the Naira and help curb round-tripping in the foreign exchange market,” he stated.
The Dangote Refinery is expected to play a pivotal role in transforming Nigeria’s fuel market, enhancing self-sufficiency, and improving transparency in the national consumption of petroleum products.
