Aliko Dangote, Chairman of Dangote Industries and owner of Dangote Refinery, has announced that petrol from his refinery will be available in the market within the next 48 hours. Speaking at the refinery in Ibeju-Lekki, Lagos State, Dangote shared details about the forthcoming availability and pricing of the fuel.
Key Points:
- Petrol Availability:
- Timeline: Dangote indicated that petrol from the new refinery could be on filling station shelves within 48 hours, contingent on the Nigerian National Petroleum Company Limited (NNPCL).
- Production Capacity: The refinery has a capacity of 650,000 barrels per day.
- Pricing Details:
- Federal Executive Council: The pricing for petrol will be determined by an arrangement approved by the Federal Executive Council, led by President Bola Ahmed Tinubu.
- Current Status: Dangote did not specify a price but emphasized that the final pricing will be confirmed once arrangements with NNPC are completed.
- Quality Assurance:
- Product Quality: Dangote assured that the petrol and other products from the refinery would match international standards, including those in the US.
- Engine Performance: He promised that the high-quality petrol would enhance vehicle engine performance and longevity, addressing previous concerns about engine issues from inferior fuel.
- Refinery Output:
- Additional Products: The refinery has already started supplying diesel and aviation fuel to marketers and is now expanding to include petrol.
- Context:
- Fuel Subsidy Removal: Since the removal of fuel subsidies in May 2023, petrol prices in Nigeria have surged from under ₦200/litre to approximately ₦800/litre, with current prices around ₦1,000/litre in many cities. The increase has been attributed to a debt owed to importers, according to NNPC.
Conclusion:
Dangote’s new refinery marks a significant development in Nigeria’s fuel sector, promising to provide high-quality petrol and potentially stabilize fuel prices. As the refinery ramps up production, the industry awaits final pricing details and broader impacts on the market.
