After about 28 years that any local crude oil refinery produced Petrol in Nigeria, the Dangote Petrol chemical industries has broken the jinx as it announced today that the plant has finally produced Petrol following the earlier production of diesel and aviation fuel.
Ownner of the company, Aliko Dangote, revealed today that petrol produced from his 650,000 barrels per day facility will hit the filling stations in a matter of days subject to formalisation with the Nigerian National Petroleum Company Limited (NNPCL).
In a press conference today, he said “Our PMS (Premium Motor Spirit) can be in filling stations within the next 48 hours depending on NNPCL”.
On pricing, he explained that “It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu.
“As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.”
Dangote also added that the introduction of Naira for crude will reduce the demand for foreign exchange by 40 per cent, saying “I want to thank President Bola Tinubu for creating this idea of Naira for crude and Naira for the product. Doing that will give a lot of stability to the Naira and remove 40 per cent of the demand for dollars. That’s not just it, there is a lot of round tripping”.
Commissioned last year, the
$20bn facility sited in Lagos has a capacity of 350,000 barrels a day, with projection of 650,000 barrels per day subsequently.
