Dangote Refinery has commenced the production of its first batch of Premium Motor Spirit (PMS), commonly known as petrol, from its newly established 650,000 barrels per day facility in Lagos.
This significant development was announced by Aliko Dangote, President of the Dangote Group, during a press conference on Tuesday.
Dangote highlighted that the refinery’s petrol output is expected to reduce Nigeria’s reliance on imported fuel, help control inflation, and stabilise the Naira against the U.S. dollar. He assured that the fuel produced by Dangote Refinery will meet global quality standards.
“The quality will match that of anywhere in the world,” Dangote stated. “It is a day of celebration, a day to give thanks to God, to give thanks to Mr. President, and also to friends who have been supportive in ensuring that this refinery produces gasoline. We are now here,” he added.
The release of Dangote Refinery’s petrol to the Nigerian market is pending final negotiations with the Nigerian National Petroleum Company Limited (NNPC). “As soon as we finalise with the Nigerian National Petroleum Company, our product will start entering the market,” Dangote confirmed.
The refinery, a $20 billion project, began production of Naphtha and Aviation Fuel earlier this year, with full commissioning expected in January 2024. This announcement comes at a crucial time for Nigeria, where fuel shortages have led to prolonged queues and petrol prices exceeding N1,000 per litre in some regions.
The rollout of locally refined petrol is anticipated to bring much-needed relief to Nigerians, easing the current fuel scarcity and reducing the economic strain caused by high fuel prices.
