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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) have revealed that the $20 billion Dangote Refinery will boost the country’s daily petrol production by supplying 25 million litres of fuel daily this September.
The 650,000 barrels per day Dangote refinery located on Lagos, concluded the test production of petroleum and will begin supply immediately. The facility produced its first batch of Premium Motor Spirit (PMS), commonly known as petrol, on Tuesday.
In a short statement, NMDPRA said the facility will increase its supply to 30 million litres daily starting October. “At the NMDPRA headquarters in Abuja, NNPCL reached an agreement to commence crude oil sale and supply to Dangote Refinery in local currency.”
“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”, said the regulatory body.
Meanwhile, NNPCL increased its pump price for petrol from ₦600 to ₦900 in all its outlets nationwide.
However, Aliko Dangote, who owns the refinery stated that once all arrangements with NNPCL is finalized, the product will be made available to the public. “As soon as we finalize with the NNPCL, our product will start going into the market”, he said.
“We will help to restore industry and manufacturing. We will begin real import substitution, which is what we have, you know, saving foreign exchange, earning foreign exchange, which will stabilize the naira, and it will also help bring down inflation and cost of living.”
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