Aliko Dangote, the owner of the Lagos-based Dangote Refinery, announced on Tuesday that the Federal Executive Council (FEC) will be responsible for determining the pricing of petrol produced at his newly operational 650,000 barrels-per-day facility.
Speaking on the refinery’s readiness to supply Premium Motor Spirit (PMS) to the market, Dangote emphasized the need for final arrangements with the Nigerian National Petroleum Company Limited (NNPCL).
“Our PMS can be in filling stations within the next 48 hours depending on NNPCL,” Dangote said.
When asked about the pricing structure for petrol from his refinery, Dangote clarified, “It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, 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.”
Expressing optimism about the impact of the refinery’s products on the Nigerian market, Dangote declared, “It’s a celebration day” for Nigerians.
He assured citizens that they “are now going to have good petrol while the engines of your vehicles will last longer. You will not be having an engine issue, which a lot of us were having. It won’t happen at all.”
Dangote also highlighted the global standard of the refinery’s output, stating, “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.”
The Dangote Refinery, which began operations in December 2023 with an initial capacity of 350,000 barrels per day, is expected to reach its full capacity of 650,000 barrels per day by the end of this year. Despite initial regulatory challenges, the refinery has already commenced the supply of diesel and aviation fuel to local marketers, with petrol now set to enter the market.
Nigeria, Africa’s most populous nation, continues to grapple with severe energy challenges, with all its state-owned refineries currently non-operational. As a result, the country remains heavily reliant on imported refined petroleum products, primarily sourced by the state-run NNPCL.
Following the removal of fuel subsidies in May 2023, petrol prices have surged from around ₦200 per litre to approximately ₦800 per litre, exacerbating the difficulties faced by citizens who depend on petrol for both their vehicles and power generators amid a persistently unreliable electricity supply.