Finally, Dangote speaks on eliminating fuel queue in Nigeria

• Dangote said his refinery's fuel processing would help eliminate all fuel lines in Nigeria
• This is as the refinery declared that the refinery had begun processing 650,000 barrels of gasoline per day
• It clarified that NNPC Nigeria's exclusive importer would be the only one to buy its merchandise

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Aliko Dangote, the president of the Dangote Group, stated on Tuesday that the fuel processed at the Dangote Refinery will contribute to the elimination of all fuel lines in Nigeria.

According to Dangote, the commencement of petrol production is a historic and incredibly significant achievement. Photo Credit: PIUS UTOMI EKPEI / Stringer
Source: Getty Images

In an interview with ARISE News on Tuesday at the refinery in Lagos, Mr. Dangote revealed this.

Dangote Industries Limited vice president Devakumar Edwin announced on Monday that the refinery's 650,000 barrels per day of petrol processing had started.

PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!

Edwin clarified that its product would only be purchased by Nigeria's sole importer, the Nigerian National Petroleum Company Limited (NNPC Ltd).

Speaking on Tuesday, Dangote stated that this is an extremely significant and historic accomplishment.

“This represents a very historic monumental achievement which I think I must congratulate the people of Nigeria and the government of President Bola Ahmed Tinubu for giving us all the support to be where we are today.“This achievement, really you are right, in the last 28 years, we haven’t really had this sort of achievement, but you can see that even there’s a video of 1974 in which we had fuel queues, and those fuel queues are still here.“This will eliminate all fuel queues in Nigeria. This will improve the health of everybody, this will also make sure that there is consistent supply to the market, it will also bring the real demand of Premium Motor Spirit (PMS), no paper transaction,” he said.

Noting that it will bring stability, progress, and development, he clarified that it will also ensure that the naira's distortion is corrected.

Dangote expressed his appreciation to President Tinubu for the crude proposal, stating that it will stabilize the naira by meeting 40% of the market's dollar demand.

Speaking further, he stated that as soon as the business finalizes its agreement with NNPC Ltd., refined products from the refinery will be sold in the Nigerian market.

Dangote names NNPC sole distributor of its petrol

Legit.ng reported that Edwin Devakumar, the vice president of Oil and Gas at Dangote Industries Limited, has said that the Nigerian National Petroleum Company Limited (NNPC) will be the sole buyer of petrol from the Dangote Refinery.

Devakumar disclosed on Monday, September 2, 2024, that the $19 billion refinery had begun a petrol production test run and would begin flowing into the tanks.

He said the facility is testing the product, which will begin flowing into the 600 million litre tank. He said that the NNPC is the sole distributor and would buy it exclusively as the refinery will export it as it has done with aviation fuel and diesel.

Source: Legit.ng