The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the Dangote Refinery in Lagos, valued at $20 billion, will begin supplying 25 million litres of fuel daily to the Nigerian market this September.
According to the NMDPRA, the refinery, which has a capacity of 650,000 barrels per day, is expected to increase output to 30 million litres per day starting in October. The regulator shared this information in a post on X, following a meeting in Abuja on Tuesday with the Nigerian National Petroleum Company Limited (NNPCL), where it was agreed that crude oil would be sold and supplied to the refinery in local currency.
After more than a year since its inauguration in May 2023, the Dangote Refinery has produced its first batch of Premium Motor Spirit (PMS), commonly known as petrol, at its massive facility in the Lekki area of Lagos.
The pump price of petrol at NNPCL stations across the country has risen from around N600 to over N900. Aliko Dangote, the refinery’s owner and billionaire businessman, assured that once final arrangements with NNPCL are concluded, the product will be distributed to the market.
“As soon as we finalise with NNPCL, our product will start entering the market,” Dangote stated. He added that the refinery’s operations would contribute to the restoration of industries, reduce reliance on imports, save foreign exchange, and help stabilize the naira, thereby lowering inflation and the cost of living.
Regarding the pricing of petrol from his refinery, Dangote explained that it was an arrangement approved by the Federal Executive Council, under the leadership of President Bola Ahmed Tinubu. “Once everything is finalized, which President Tinubu is pushing for, we are ready to supply the market—this could happen as early as today or tomorrow,” he concluded.
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