Dangote Refinery is slated to sell Premium Motor Spirit (PMS), also known as petrol, to marketers next month, in May 2024, according to persons acquainted with the subject.
Africa’s largest refinery began distributing diesel and aviation jet fuel to domestic marketers for 1,225/ltr, potentially lowering the retail price of both products in the coming months.
According to Bloomberg, the new mega-refinery will begin supplying PMS to the domestic market in May, considerably lowering Nigeria’s reliance on imported petroleum products.
The refinery, which opened in January, exported its first 65,000 metric tonnes of low-sulfur straight run fuel oil and around 60,000 tonnes of naphtha last month.
The facility is initially processing 350,000 barrels per day, with plans to increase to its maximum capacity.
According to Abubakar Maigandi, the head of an industry organisation, marketers have begun hauling diesel from the refinery and would pay in naira.
“We are still finalizing the details of the volumes that we are going to take from Dangote as an association and we also haven’t finalized on the price,” he said.