Dangote Refinery Finally Roll Out petrol
The Dangote Refinery has today, Tuesday, commenced the rollout of its first batch of Premium Motor Spirit (PMS), commonly known as petrol, from its 650,000 barrels per day facility. During a press conference, Aliko Dangote, the billionaire businessman behind the project, declared it a “day of celebration” for Nigerians.
He assured the public that the refinery’s petrol would enhance vehicle performance, reducing engine issues previously experienced by many. “The quality here will match that of any refinery in the world, including those in the United States. We will ensure that no one surpasses us in terms of quality,” Dangote affirmed.
The refinery is poised to begin distributing petrol to the market once it completes necessary arrangements with the Nigerian National Petroleum Company Limited (NNPCL). Dangote noted, “As soon as we finalise with the NNPCL, our product will start reaching the market. We will support the revival of industry and manufacturing, and initiate true import substitution. This will help save and earn foreign exchange, which will stabilise the naira and reduce inflation and the cost of living.”
Dangote’s refinery, which began operations last December, has already started supplying diesel and aviation fuel to marketers in Nigeria, and aims to achieve its full capacity of 650,000 barrels per day by the end of the year. This move comes amidst challenges faced by the NNPCL, including a significant debt to petrol suppliers amounting to $6 billion, which has exacerbated petrol scarcity across the country.
Nigeria, Africa’s most populous nation, continues to grapple with energy issues, as all its state-owned refineries remain non-operational, making the country heavily reliant on imported refined petroleum products. The removal of petrol subsidies in May 2023 caused prices to surge from around ₦200 per litre to about ₦800 per litre, intensifying the financial strain on citizens. Simultaneously, the government’s unification of forex windows saw the naira’s value plummet, leading to significant increases in the cost of food and basic commodities, as Nigerians continue to endure inflationary pressures.
