Dangote Refinery, Africa’s largest oil refinery, has announced its first export of Premium Motor Spirit (PMS) to Cameroon. The export was executed in collaboration with Neptune Oil, marking a significant step in strengthening economic ties between Nigeria and Cameroon while addressing the region’s growing energy needs.
In a statement issued on Wednesday, Dangote Refinery highlighted the achievement as a result of its strategic partnership with Neptune Oil. The 650,000 barrels-per-day refinery emphasized its commitment to promoting intra-African trade and advancing energy independence on the continent.
“A Vision for Africa’s Unity and Energy Independence”
Speaking on the development, Aliko Dangote, President and CEO of the Dangote Group, expressed pride in the milestone. “This export is a tangible demonstration of our vision for a united and energy-independent Africa. We are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” he said.
Antoine Ndzengue, Director and Owner of Neptune Oil, hailed the partnership as a transformative moment for Cameroon. He stated, “This collaboration bolsters Cameroon’s energy security and supports local economic growth. By executing this supply independently, we are committed to serving our markets more efficiently.”
Impact on Regional Energy Market
The export follows the entry of Dangote Refinery’s PMS into the Nigerian market on September 15, 2024. The refinery had previously agreed to direct sales of its petroleum products to independent marketers and the Independent Petroleum Marketers Association of Nigeria, leading to minor price reductions in PMS across Nigeria.
Nigerians currently buy petrol at prices ranging between ₦1,060 and ₦1,150 per liter, depending on the location, though the refinery’s reduced rates have offered some relief to consumers.
