25 million liters per day from Dangote Refinery in September — NMDPRA

According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the $20 billion Dangote Refinery in Lagos is expected to provide 25 million liters of petroleum per day to the Nigerian market by September.

The regulator added that the plant, which has a capacity of 650,000 barrels per day, will begin to supply 30 million liters of oil to the Nigerian market every day in October.

The regulator also stated in a post on X (formerly Twitter) that during a meeting on Tuesday in Abuja, the Nigerian National Petroleum Company Limited (NNPCL) and the NMDPRA came to an agreement to start selling and supplying crude oil to Dangote Refinery in local currency.

“As of right now, the refinery is ready to deliver 25 million liters of PMS to the domestic market in September. and will thereafter raise this volume to 30 million liters per day starting in October 2024,” the post stated.

Dangote Refinery, which opened its massive facility in the Lekki neighborhood of Lagos State, on Tuesday, produced its first Premium Motor Spirit (PMS), or gasoline, more than a year after it was initially established in May 2023.

The price of gasoline at NNPCL stations across the country has increased from about N600 to over N900.

Aliko Dangote, the billionaire businessman and owner of the refinery, stated that the product will be released onto the market as soon as his company has finalized the NNPCL’s formalities.

Our product will begin to be sold as soon as we reach a definitive agreement with the NNPCL.

“We’ll contribute to the revival of manufacturing and industry. We’re going to start actual import substitution, which means we’ll be earning and conserving foreign cash, which will assist stabilize the naira and lower inflation and living expenses, he said.

“It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu,” Dangote remarked when asked to comment on the price of gasoline coming from his refinery.

“We are prepared to enter the market as soon as it is finalized, which he (Tinubu) is pushing, once we finish with NNPC. That could be today or tomorrow.”