Our petrol will be available in filling stations in the next 48hrs – Dangote

Business mogul Aliko Dangote has announced that petrol from his refinery, which processes 650,000 barrels per day, is expected to reach filling stations within the next 48 hours, pending final agreements with the Nigerian National Petroleum Company Limited (NNPCL). This statement was made during a press conference on Tuesday, where Dangote highlighted the official start of petrol production at the refinery.

“Our Premium Motor Spirit (PMS) could be available at stations within the next two days, depending on the NNPCL’s schedule,” Dangote mentioned.

When inquired about the pricing of petrol from his facility, Dangote explained that the pricing structure is established by an arrangement approved by the Federal Executive Council, chaired by President Bola Ahmed Tinubu. “Once the final details are settled, which President Tinubu is actively working on, and once we conclude our arrangements with NNPC, we could be ready to launch today or tomorrow,” Dangote noted.

Last December, Dangote, recognized as Africa’s foremost industrialist, began operations at his $20 billion refinery in Lagos, initially with a capacity of 350,000 barrels per day.

The refinery, which faced initial regulatory challenges, aims to reach its full capacity of 650,000 barrels per day by year-end. It has already started supplying diesel and aviation fuel to local marketers and is now set to include petrol in its offerings.

Dangote also expressed support for the Naira-for-crude policy, noting it would significantly cut the demand for foreign exchange by 40 percent. “I want to commend President Tinubu for the Naira-for-crude and Naira-for-product initiative. This will stabilize the Naira and reduce the demand for dollars by 40 percent. Additionally, it will help mitigate issues such as round-tripping,” he added.

He further explained that this policy would enable better tracking of loaded trucks, facilitating more accurate calculations of national fuel consumption.