Aliko Dangote, owner of the Lagos-based refinery, addressed the pricing of petrol from his 650,000 barrels per day facility on Tuesday. He noted that once his company finalizes arrangements with the Nigerian National Petroleum Company Limited (NNPCL), the petrol will be ready for distribution.
Thank you for reading this post, don't forget to subscribe!“Our Premium Motor Spirit (PMS) could be available in filling stations within the next 48 hours, depending on NNPCL,” Dangote stated. On the pricing issue, he said, “The pricing structure is approved by the Federal Executive Council, led by President Bola Ahmed Tinubu. As soon as the final touches are made with NNPCL, which could be as soon as today or tomorrow, we are prepared to enter the market.”
Dangote called the occasion “a celebration day” for Nigerians, assuring that the fuel from his refinery would enhance vehicle engine longevity. “The quality here will match that of the best globally, including the US. We will ensure that our quality standards are unmatched,” he emphasized.
Dangote’s $20 billion facility, which began operations last December, initially faced regulatory challenges but now operates at 350,000 barrels per day. The refinery aims to reach its full capacity of 650,000 barrels per day by the end of the year. It has already started supplying diesel and aviation fuel within Nigeria and is now set to include petrol.
Nigeria, facing significant energy challenges, relies heavily on imported refined petroleum products due to the non-operational state-owned refineries. The removal of fuel subsidies in May 2023 caused petrol prices to triple, exacerbating the struggles of citizens who depend on petrol for transportation and electricity generation amidst ongoing power supply issues.
