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The federal government has said that Dangote refinery will supply Nigeria’s domestic market with 25 million litres of Premium Motor Spirit (PMS), or petrol, daily in September and 30 million litres daily from October.
“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 Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said.
The NMDPRA disclosed this in its X handle on Tuesday.
The agency, a subsidiary of the Nigeria National Petroleum Company Limited (NNPC Ltd), is a technical and commercial regulator of midstream and downstream operations.
The 650, 000 barrels per day refinery, said to be the seventh largest in the world, earlier in the day rolled out its first refined petrol in Lagos.
Speaking to reporters during the ceremony, Aliko Dangote said the petrol refined from the refinery would hit filling stations across the country within 48 hours, depending on the NNPC Ltd.
Mr Dangote assured Nigerians that the quality of the refined products meets the standard anywhere in the world and promised to ensure nobody beats the company in terms of quality.
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Nigeria has relied on imported petrol for its domestic energy consumption for decades, pushing the country to pay trillions of naira yearly as subsidies.
President Bola Tinubu, in his inaugural address on 29 May last year, declared an end to petrol subsidies, a policy that triggered a 400 per cent increase in the price of petrol from N189 per litre to over N900 currently.
In addition to the ballooning petrol price, the policy has triggered a rise in commodity prices and pushed the country’s inflation even further.
Although the exact quantity of petrol consumed daily by Nigerians is still uncertain, feeding the domestic market 25 million litres of petrol from the Dangote refinery will save the country the importation challenges.
Mr Dangote declared Tuesday (today) as a “celebration day” and said President Tinubu-led Federal Executive Council would decide the price of his petrol.
But a few hours after he made the statement, NNPC Ltd. announced an increase in the petrol pump price from N590 to N897.
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