Our petrol to hit filling stations in 48hrs- Dangote
Written by Ifeoma Anaza on September 3, 2024
Aliko Dangote, Africa’s leading industrialist, has announced that petrol produced from his 650,000 barrels per day refinery will be available at filling stations within the next 48 hours. This follows the formalization of modalities with the Nigerian National Petroleum Company Limited (NNPCL).
During a press briefing, Dangote revealed that the pricing of petrol from his refinery has been designed and approved by the Federal Executive Council, led by President Bola Ahmed Tinubu. He assured that once the finalization process with NNPC is complete, the product will be ready for the market.
The $20 billion refinery, located in Lagos, commenced operations in December with an initial capacity of 350,000 barrels per day. It aims to reach its full capacity by the end of the year. Currently, the refinery supplies diesel and aviation fuel to marketers and has now added petrol to its product line.
Dangote praised President Tinubu’s initiative of using naira for crude oil transactions, which he believes will reduce foreign exchange demand by 40%. This move will stabilize the naira, prevent round-tripping, and enable easier tracking of loaded trucks to compute national consumption.
The introduction of petrol from Dangote’s refinery is expected to bring relief to the Nigerian market, which has faced challenges in fuel supply and pricing.
