By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the $20 billion Dangote Refinery in Lagos will pump 30 million litres daily into the Nigerian market starting next month.
The refinery, which commenced petrol production this week, will supply the Nigerian market with 25 million litres daily this September.
In a post on X (formerly Twitter), the regulator further said at a meeting in Abuja on Tuesday, the NMDPRA and the Nigerian National Petroleum Company (NNPC) Limited reached an agreement to commence crude oil sale and supply to 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.
Business Post had reported that Dangote Refinery, on Tuesday, rolled out its first Premium Motor Spirit (PMS), also known as petrol, from its facility located in the Lekki area of Lagos State.
The refinery owner, Mr Aliko Dangote said as soon as his company finalises modalities with the Nigerian National Petroleum Company (NNPC) Limited, the product will hit the market.
“As soon as we finalise with the NNPCL, our product will start going into the market.
“We will help to restore industry and manufacturing. We will begin real import substitution, which is what we have, you know, saving foreign exchange, earning foreign exchange, which will stabilise the naira, and it will also help bring down inflation and cost of living,” he stated.
Asked to speak on the pricing of petrol from his refinery, Mr Dangote said, “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.”
There are indications that the petrol will sell for N897 per litre at initial prices, as retail stations have adjusted their pumps to sell as high as N900 per litre.
Dipo Olowookere