Business magnate Aliko Dangote has announced that petrol produced at his newly operational refinery will be available at filling stations within the next 48 hours. This update comes as final arrangements with the Nigerian National Petroleum Company Limited (NNPCL) are being finalized.
Dangote made the announcement during a press briefing on Tuesday, where he confirmed that the refinery, which processes 650,000 barrels of oil per day, is ready to deliver Premium Motor Spirit (PMS) to the market.
“Our PMS can reach filling stations within the next 48 hours, depending on the finalization with NNPCL,” Dangote said.
Regarding the pricing of the petrol, Dangote explained that it is subject to an arrangement approved by the Federal Executive Council under President Bola Ahmed Tinubu. He noted that once the details are finalized with NNPC, the product could be rolled out as early as today or tomorrow.
Since launching in December last year with an initial capacity of 350,000 barrels per day, the $20 billion refinery in Lagos has been operational and supplying diesel and aviation fuel. It aims to reach its full capacity of 650,000 barrels per day by the end of this year.
Dangote also highlighted the benefits of the “naira for crude” policy, which he believes will cut the demand for foreign exchange by 40 percent. He expressed gratitude to President Tinubu for this initiative, stating that it will help stabilize the naira and reduce issues related to currency fluctuations.
Additionally, Dangote mentioned that the new system would enable better tracking of loaded trucks, improving the accuracy of national consumption figures.
