Aliko Dangote, the prominent Nigerian businessman, announced that petrol produced at his state-of-the-art refinery, with a capacity of 650,000 barrels per day, will be available at filling stations across the country within the next 48 hours. This development follows the finalization of arrangements with the Nigerian National Petroleum Company Limited (NNPCL).
During a press briefing on Tuesday to mark the commencement of petrol production at the refinery, Dangote stated, “Our Premium Motor Spirit (PMS) could reach filling stations within the next 48 hours, depending on the NNPCL.”
When asked about the pricing of petrol from his refinery, Dangote explained, “The pricing framework has been designed and approved by the Federal Executive Council under the leadership of President Bola Ahmed Tinubu. Once the ongoing discussions with NNPCL are concluded, which could be as soon as today or tomorrow, we are ready to supply the market.”
The $20 billion facility, located in Lagos, began operations in December last year with an initial capacity of 350,000 barrels per day. Despite early challenges, including regulatory hurdles, the refinery is on track to achieve its 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 local marketers, with petrol now set to follow.
In addition to the production milestones, Dangote highlighted the impact of the government’s “Naira for Crude” initiative, which he credited with reducing the demand for foreign exchange by 40%. “I want to thank President Bola Tinubu for introducing the Naira for Crude and Naira for Product policies. This move will not only stabilize the Naira but also significantly reduce the demand for dollars, curbing round-tripping in the process,” Dangote stated.
He further mentioned that the new policies would enable better tracking of fuel distribution, making it easier to accurately measure national consumption.