The Dangote Refinery is set to roll out its first shipment of Premium Motor Spirit (PMS), commonly known as petrol, Yesterday, Tuesday, September 3.9am News Nigeria Reports.
This marks a historic milestone as the refinery, with a capacity of 650,000 barrels per day, has successfully completed its testing phase and is now ready to supply the local market.
This breakthrough comes at a crucial time, offering much-needed relief to Nigerians who have been struggling with severe petrol shortages across various towns and cities.
Dangote Refinery And NNPC
According to insider sources, the Nigerian National Petroleum Corporation (NNPC) Limited will be the initial purchaser of Dangote’s products.
NNPC officials were on-site at the Lagos petrochemical plant to take delivery.
Aliko Dangote, CEO of the refinery, was present at the plant yesterday to witness the grand unveiling of these petroleum products after months of delays and technical challenges.
The rollout of petrol by Dangote Refinery represents a monumental shift for Nigeria, a country that has long depended on petrol imports, as it moves closer to achieving self-sufficiency.
With a production capacity that not only meets domestic demand but also allows for exports to neighboring countries, Dangote Refinery is positioned to end Nigeria’s dependence on imported petrol. Reports indicate that while Nigeria currently consumes about 35 million liters of petrol daily, Dangote Refinery, once fully operational, will have the capacity to produce at least 100 million liters per day.
Although the refinery faced multiple challenges and delays, including supply issues with NNPC and international oil companies (IOCs), these were resolved through the intervention of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and other key stakeholders.
The Federal Executive Council (FEC) further bolstered the project by permitting Dangote Refinery to purchase crude oil in local currency and sell petrol in the same currency, thereby reducing pressure on the foreign exchange market.
Local Market Update
As Dangote Refinery begins rolling out petrol today, with shipments expected to hit the local market in the coming days, Nigeria is poised to transition from being solely a crude oil producer to a nation with potential energy security and independence.
Additionally, the refinery’s production of petroleum products signals the complete deregulation of the downstream sector, paving the way for a more competitive and robust market.
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