The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the $20 billion Dangote Refinery in Lagos will begin supplying 25 million litres of fuel daily to the Nigerian market this September.
The regulator also confirmed that starting in October, the 650,000 barrels per day facility will increase its supply to 30 million litres daily.
In a post on X (formerly Twitter), the NMDPRA added that during a meeting in Abuja on Tuesday, an agreement was reached between the authority and the Nigerian National Petroleum Company Limited (NNPCL) to commence the sale and supply of 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 more than a year since its launch in May 2023, the Dangote Refinery produced its first batch of Premium Motor Spirit (PMS), commonly known as petrol, from its vast facility in the Lekki area of Lagos State on Tuesday.
Meanwhile, the pump price of petrol at NNPCL outlets nationwide increased from around N600 to over N900.
The refinery’s owner, billionaire businessman Aliko Dangote, stated that once his company finalizes arrangements with the NNPCL, the product will be made available in 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.”