The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the $20 billion Dangote Refinery in Lagos will serve the Nigerian market with 25 million gallons per day in September.
The agency also stated that beginning in October, the 650,000 barrels per day facility will pump 30 million liters into the Nigerian market.
In a post on X (previously Twitter), the regulator stated that at a meeting in Abuja on Tuesday, the NMDPRA and the Nigerian National Petroleum Company Limited (NNPCL) reached an agreement to begin selling and supplying crude oil 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 liters daily from October 2024,” the post read.
2-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 liters daily from October 2024. pic.twitter.com/RmqofW3HVd
— NMDPRA (@NMDPRA_Official) September 3, 2024
After over a year of its launch in May 2023, Dangote Refinery, on Tuesday, rolled out its first Premium Motor Spirit (PMS), also known as petrol, from its mammoth facility located in the Lekki area of Lagos State.
At NNPCL outlets nationwide, pump price of petrol was raised from around N600 to over N900.
The refinery owner and billionaire businessman Aliko Dangote said as soon as his company finalises modalities with the NNPCL, 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, 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.”
