Aliko Dangote, Chairman of Dangote Group, announced yesterday that the pricing of petrol from his refinery will be determined by the Federal Executive Council (FEC). Speaking at a briefing in Lagos, Dangote stated, “The pricing arrangement has been designed and approved by the Federal Executive Council, under the leadership of President Bola Ahmed Tinubu.
Aliko Dangote, Chairman of the Dangote Group, has revealed that as soon as the final details are settled with the Nigerian National Petroleum Corporation (NNPC), petrol from his refinery will be ready for the market, possibly within the next 48 hours. He noted that President Bola Ahmed Tinubu is actively pushing for the finalization of this process, which could happen at any moment.
Dangote also emphasized that the petrol produced at his refinery is of top quality, capable of competing with products from refineries worldwide. Regarding the timeline for petrol supply, he mentioned that an official announcement will follow his meeting with the NNPC, expected to occur today or tomorrow. Once the agreement is finalized, the refinery’s gasoline could begin reaching filling stations across the country almost immediately.
We have solid plans for both domestic distribution and export,” says Edwin.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, recently stated, “We have been exporting aviation fuel, producing kerosene, and diesel, but yesterday marked the start of our petrol production, which was the final phase. The only remaining product to be addressed is petrochemicals.
He further explained the challenges faced in distributing their products domestically, noting, “There has been an attempt by traders to block the lifting of our products within the country. While we’ve been exporting our petroleum products, we’re ready to supply petrol domestically in large quantities. However, if traders refuse to purchase the product, we will continue exporting it.”
NMDPRA, NNPC Partner on Crude Oil Supply
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has signed an agreement with the Nigerian National Petroleum Corporation (NNPC) Limited to facilitate the sale of crude oil to Dangote Refinery in Naira.
In a statement posted on its X (formerly Twitter) handle on Tuesday, NMDPRA announced that the refinery is set to supply an initial 25 million litres of petrol to the domestic market this September. The refinery’s capacity is expected to increase, with plans to deliver 30 million litres per day starting from October 2024.
The NMDPRA explained, “At our headquarters in Abuja, NNPCL finalized an agreement to begin selling and supplying crude oil to Dangote Refinery in local currency. The refinery is now prepared to supply 25 million litres of PMS to the domestic market this month, with a planned increase to 30 million litres daily from October 2024.”
This development comes as Nigerians continue to face a severe nationwide petrol shortage, which has worsened over the past two weeks. The situation has been further aggravated by NNPC Limited’s recent disclosure of a massive $6 billion debt.
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