Aliko Dangote, owner of the Lagos-based refinery, announced on Tuesday that petrol from his 650,000 barrels per day facility will soon be available on the market, pending final arrangements with the Nigerian National Petroleum Company Limited (NNPCL). Dangote indicated that these final arrangements could be completed within 48 hours, after which petrol will be distributed to filling stations.
On pricing, Dangote revealed that the Federal Executive Council, under President Bola Ahmed Tinubu, has approved the pricing arrangement. He assured that the petrol produced at his refinery will meet global standards, promising improved performance and longevity for vehicle engines.
The $20 billion refinery, which commenced operations in December at 350,000 barrels per day, is on track to reach its full capacity of 650,000 barrels per day by year-end. It has already started supplying diesel and aviation fuel, with petrol set to follow soon.
Nigeria, facing energy challenges and a lack of operational state-owned refineries, has been heavily dependent on imported refined petroleum products. Following the removal of fuel subsidies in May 2023, petrol prices surged from approximately ₦200 per litre to about ₦800 per litre, worsening the situation for consumers.
