- Dangote Refinery to supply 25 million litres of petrol in September, with plans to increase to 30 million litres daily from October 2024
- Aliko Dangote stated that petrol pricing will be set by the Federal Executive Council
- Petrol supply to begin within 2 days after Nigerian National Petroleum Company Limited (NNPCL) confirmation, Dangote
In a significant update amidst Nigeria's petrol shortage, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that Dangote Refinery will deliver an initial 25 million litres of petrol to the local market this September, with plans to ramp up production to 30 million litres daily starting in October 2024.
This was disclosed on its X (formerly Twitter) account on Tuesday, September 3. The statement read, “At the NMDPRA headquarters in Abuja, NNPCL reached an agreement to commence crude oil sale and supply to Dangote Refinery in local currency.
Petrol supply to begin in September amid fuel crisis
“The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September. And will subsequently increase this amount to 30 million litres daily from October 2024.”
As Nigerians face a critical petrol shortage, this update is particularly significant given that the situation has worsened in recent weeks due to the Nigerian National Petroleum Company Limited (NNPCL) report of a $6 billion debt.
Aliko Dangote, Chairman of Dangote Group, said that the Federal Executive Council (FEC) will set the price of petrol from his refinery.
FEC to set petrol prices for Dangote Refinery
This was disclosed at a briefing in Lagos on Tuesday, September 3 where he said, “On pricing, it is an arrangement which is designed and approved by the Federal Executive Council, led by His 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 mentioned that the petrol produced by the plant is of such high quality that it can compete with products from refineries globally.
Petrol supply to begin within 2 days after NNPC confirmation
The billionaire noted that the schedule for petrol supply will be announced after he meets with the Nigerian National Petroleum Company Limited (NNPCL).
Dangote mentioned that once everything is confirmed, “our products will start to hit the market. Our gasoline might be at filling stations within 48 hours, subject to NNPC’s schedule.”
From Shonekan’s 70 kobo to Tinubu’s N897: See the figures of Nigeria's major fuel hikes
Fuel prices in Nigeria had surged to N897 per litre, reflecting a significant increase since President Bola Tinubu’s administration began in May 2023.
TheRadar compiled Nigeria's major fuel price hikes from the era of Chief Ernest Shonekan in 1993 to the current administration.