See when NNPC will begin sale of petrol export from Nigeria

• Nigerian National Petroleum Company Limited plans to start exporting petrol by the end the 2024
• The plans hinged on the fact that the Port Harcourt Refinery is about to begin production following the crude supply
• Already, Dangote Refinery has started exporting its first jet fuel cargo to Europe and NNPC is looking to do the same

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian National Petroleum Company Limited (NNPC) has announced its plan to commence the exportation of petroleum products by the end of 2024.

This was disclosed by the Group Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari Kyari, at the National Assembly on Monday, June 15.

NNPC plans to export petroleum products Photo credit: nnpclimited
Source: Getty Images

Speaking to a group of economic stakeholders, Kyari expressed optimism that when government refineries begin to work Nigeria will have no need to import petrol again.

His words:

"“Yes, this country, as we have said, will be a net exporter of petroleum products by the end of this year."We're very optimistic that by December, this country will be a net exporter of petroleum products. "This will be achieved through a combination of production from us, the Dangote refinery, and other smaller producing companies. "I can confirm that by the end of the year, Nigeria will be a net exporter of petroleum products."

Refineries operation timeline

He added that in a few months, the oil production level for the country would hit 2 million barrels per day, as all the enablements towards that had already been put in place.

On the government refineries, he mentioned,

"According to Kyari, upcoming developments include the Port Harcourt refinery set to commence production early next month, followed by Warri's in subsequent months, and Kaduna's expected to be operational by December this year."We have consulted with several of your committees, and it's clear that the Kaduna refinery cannot be operational before December. Both the Warri and Kaduna refineries are expected to be ready by December, but the Port Harcourt refinery will begin production early in August this year."

Dangote confirms petrol sales in August

Earlier, Legit.ng reported that Dangote, in a chat with journalists, confirmed that petrol production had already begun.

The billionaire also revealed that petrol sales to marketers would commence from August 2024.

The refinery is expected to help reduce petrol prices from the current rate of over N700.

Source: Legit.ng