Chairman and chief executive of the Dangote Group, Aliko Dangote has said the price of petrol from his refinery would be determined by the Federal Executive Council (FEC}.
He said this at a briefing in Lagos, said: “On pricing, it is an arrangement which is designed and approved by the Federal Executive Council, led by His President Bola Ahmed Tinubu.
“As soon as it is finalised, which he is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.”
Also, Dangote said the petrol from the plant, in terms of quality, could compete with products from other refineries across the world.
On the timeframe for the petrol supply, he said an announcement would be made after meeting with the NNPC today (Tuesday, 04 September) or today..
“As soon as it is finalised, which he is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.”
Dangote also said petrol from the plant, in terms of quality, could compete with products from other refineries across the world.
Regarding the timeframe for the petrol supply, the billionaire said an announcement would be made after meeting with the NNPC today or Wednesday.
According to Dangote, as soon as this is finalised, “our products will start going to the market. Our gasoline can be in filling stations in the next 48 hours, depending on NNPC.’’
He said: “It is time to dismantle those depots and sell them as scrap while the market is still high. When I entered the depot business with Zenon, it was in response to making positive impact in the system.”
He also said: “The days of relying on foreign powers for our fuel needs are over, thanks to your (Aliko Dangote) vision and determination. You have delivered a decisive blow to the so-called local cabals who have grown wealthy by perpetuating Nigeria’s economic slavery.
“These cabals, who have thrived by keeping Nigeria dependent, must now face the reality that their era of easy gains is drawing to a close”.
Otedola predicted that with the Dangote refinery now fully operational, the impact on the fuel import sector will be as transformative as Dangote’s earlier revolution in Nigeria’s cement industry.
Furthermore, vice president of oil and gas at Dangote Industries Limited, Devakumar Edwin, had earlier said: “We have been exporting aviation fuel, we have been producing kerosene, we have been producing diesel, but yesterday, we started the production of petrol. So, that was the last stage. The only thing now left out is petrochemicals.”
“There has been a kind of a blockade from lifting our products within the country. The traders have been trying to block it. We have been exporting our petroleum products. We are ready to pump in petrol as much as possible to the country. But if the traders do not buy the product, we will end up exporting it.”
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) have signed an agreement with the Nigerian National Petroleum Corporation (NNPC) Limited to sell crude oil to Dangote refinery in Naira.
In a message posted on its X (twitter) handle, Tuesday, NMDPRA, stated that the refinery will to supply an initial 25 million litres of petrol to the domestic market this September, adding that the refinery will later increase capacity to 30 million litres per day from October 2024.
It stated: “At the NMDPRA headquarters in Abuja, NNPCL reached an agreement to commence crude oil sale and supply 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 litres daily from October 2024.”
This latest development is coming as Nigerians continue to grapple with a severe nationwide petrol scarcity, which over the past two weeks, a situation exacerbated by the NNPC Limited’s recent revelation of a staggering $6 billion debt.
