Dangote Refinery is set to flood the Nigerian market with its Premium Motor Spirit (petrol) today, Sunday, a historic departure from the country’s years of dependence on fuel imports.
This comes as the $20 billion 650,000 barrels per day Lagos-based refinery petrol will be loaded into over 300 trucks belonging to the Nigerian National Petroleum Company Limited on Sunday.
It was reports that the NNPCL spokesperson, Olufemi Soneye in a statement on Saturday said over 300 trucks have arrived at Dangote Refinery facility to load petrol, expected to kickstart on Sunday.
Recall that on September 3, 2024, the President of Dangote Group, Aliko Dangote officially announced the rollout of Dangote Refinery’s petrol.
The Federal Government through the Minister of Finance Wale Edun on Friday announced that all agreements have been reached with Dangote Refinery for NNPCL to offtake its petrol on Sunday.
Part of the agreement showed that NNPCL would supply Dangote Refinery with about 385,000 barrels per day of crude oil by October 1, 2024.
Dangote Refinery Petrol will bring fuel availability – IPMAN President, Maigandi
Speaking exclusively to Dailypost on Saturday, the President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi said the kickoff of Dangote Petrol will end fuel supply hiccups in Nigeria.
Also, he believes that the development will lead to petrol price reduction in the coming days, however, noting that marketers are yet to know the Dangote Refinery’s price template.
“It is a welcome development. Instead of carrying Dollars to purchase the product outside now we are producing locally.
“The way things are going, the commencement of Dangote Refinery petrol will lead to Naira appreciation.
“The benefits- one we are expecting availability of the product and expected pump price reduction.
“In a nutshell, provided that we use Naira to purchase the petrol, we are expecting that the price will come down a little,” he said.
Source: Dailypost
