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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the Dangote Refinery in Lagos will supply the Nigerian market with 25 million litres of Premium Motor Spirit (PMS) daily starting this September.
The regulator also stated that from October, the refinery’s output will increase to 30 million litres daily.
In a post on X (formerly Twitter), the NMDPRA revealed that during a meeting in Abuja, it reached an agreement with the Nigerian National Petroleum Company Limited (NNPCL) to begin crude oil sales and supply to the Dangote Refinery in local currency. “The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September. And will subsequently increase this amount to 30 million litres daily from October 2024,” the post read.
The announcement comes after over a year since the refinery’s launch in May 2023. On Tuesday, the Dangote Refinery rolled out its first batch of petrol from its facility in Lekki, Lagos State. Following this development, the pump price of petrol at NNPCL outlets nationwide rose from around N600 to over N900.
Aliko Dangote, the billionaire businessman and owner of the refinery, emphasized that the product would reach the market soon. “As soon as we finalise with the NNPCL, our product will start going into the market,” he stated, adding that the refinery’s output would help “restore industry and manufacturing,” save foreign exchange, earn foreign exchange, stabilize the naira, and reduce inflation and the cost of living.
Regarding the pricing of petrol from the refinery, Dangote noted, “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,” He said.
