Dangote Refinery has announced the production of its first batch of Premium Motor Spirit (PMS), commonly known as petrol, from its 650,000 barrels per day facility.
The announcement comes after over a year of the refinery’s launch in May 2023.
At a press conference on Tuesday, Aliko Dangote, the owner of the Lagos-based refinery, declared the day a “celebration” for Nigerians.
He assured the public that the petrol produced at the refinery would be of world-class quality, promising to significantly improve engine performance and longevity.
“You are now going to have good petrol while the engines of your vehicles will last longer. You will not be having engine issues, which a lot of us were having. It won’t happen at all.
“The quality here will match that of anywhere in the world; US, America, we will make sure that nobody will beat us in terms of quality”.
Dangote further revealed that the refinery is in the final stages of negotiations with the Nigerian National Petroleum Company Limited (NNPCL) to begin distributing its products to the market.
He highlighted the refinery’s role in restoring industry and manufacturing in Nigeria, contributing to import substitution, stabilising the naira, and helping to curb inflation and reduce the cost of living.
Recall the refinery faced different hurdles recently, from regulatory to alleged sabotage.
In addition to petrol, the refinery has already commenced the supply of diesel and aviation fuel to marketers in the country. However, despite this progress, the country’s energy challenges remain acute.
All state-owned refineries in Nigeria are non-operational, leaving the nation heavily reliant on imported refined petroleum products.
The state-run NNPCL has been the primary importer, but the company recently expressed concerns over financial pressures threatening the sustainability of fuel supply.
NNPCL raises petrol price to N897
In a surprising move, barely 48 hours after Dangote refinery announced commencement of production of petrol, the retail arm of the Nigerian National Petroleum Company has announced an increase in the price of premium motor spirit (petrol) from N617/itre to N897/liter effective today, September 3, 2024.
Pacesetter/West Africa Weekly