Dangote Refinery has commenced the production of the long-awaited petrol, 8 months after it officially commenced operations.
Have you read; Agip acquisition followed regulatory timeline – Oando Plc
The $20 billion Dangote Refinery, located on the outskirts of Lagos, built by Nigerian billionaire Aliko Dangote, began operations in January, initially producing products like diesel and jet fuel.
News of the production of petrol comes shortly after it was announced that NNPC Ltd will be the country’s sole buyer of the refinery’s petrol.
Speaking to Arise TV in the morning, Aliko Dangote, Chairman of Dangote Group said that for the “first time in 28 years, we are having petroleum spirits being produced in Nigeria, and with me. This is an achievement really.”
There are some videos of 1974 which have fuel cues and those fuel cues are still here, with the production of petrol, this will eliminate all fuel cues in Nigeria,” he added.
The 650,000 barrels per day capacity refinery will be producing Euro 5 fuel which has a maximum Sulphur content limit of 10 ppm. A lower Sulphur content means lesser toxic emissions are released into the air, therefore, making our fuel cleaner and better for the environment and you.
Dangote said that this will improve the health of everybody. This will make sure that you know there is consistent supply to the market. It will also bring the real demand of PMS, no paper transaction.
“It will also help to make sure that it corrects this distortion of the naira, brings stability to the naira, brings growth and both development and prosperity,” he said.
Dangote’s production will impact billions of dollars of trade in fuel markets regionally and beyond. Nigeria is a global demand sink for the fuel, receiving almost 250,000 barrels a day in shipments last year, mostly from Europe, according to data from analytics firm Vortexa Ltd.
Petrol prices rose on Tuesday across the country, as NNPC Ltd raised fuel prices at its retail stations. Business Day reported that a litre of fuel sold ₦855.00 in Ikoyi.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
