Sigh of relief as Dangote refinery launches Euro-V petrol

 

● Promises that there will be no more polypropylene imports starting in October

For the first time, Nigerians will have a clear understanding of the country’s actual fuel consumption, according to Aliko Dangote, Chairman of Dangote Group. This announcement comes as Dangote officially confirmed the launch of Premium Motor Spirit (PMS), commonly known as gasoline, from the world’s largest single-train refinery with a capacity of 650,000 barrels per day.

Reflecting on the achievement of the start of production of PMS 28 years after the four Nigerian refineries ceased domestic refining, Dangote, speaking to reporters at the Ibeju-Lekki Refinery, Lagos, stressed that this development will boost the industrial and manufacturing sectors. He highlighted that the refinery will significantly reduce fuel imports, saving foreign exchange and help stabilize the naira, lower inflation and reduce the cost of living.

Dangote, accompanied by Dangote Industries Limited (DIL) Vice President, Oil and Gas, Devakumar Edwin, and DIL Group Director, Commercial Operations, Hajiya Fatima Aliko-Dangote, described the milestone as a transformational moment for Nigeria, ending years of fuel imports.

He expressed gratitude to Nigerians for their support and commended President Bola Ahmed Tinubu for fostering an environment that made possible the successful commissioning of the 650,000 barrels per day refinery.

He said: “Today is a momentous occasion because Nigeria has not produced petrol, or diesel, for many years. While I am here, I want to extend my gratitude to the people of Nigeria and the administration of President Bola Ahmed Tinubu for creating the environment that has enabled us to achieve this monumental task. This development will provide energy for the growth, development and prosperity of our nation.”

He continued, “I want to personally thank Mr. President for introducing the concept of ‘Naira for Crude Oil’ and ‘Naira for Commodities’. This initiative will bring much-needed stability to the Naira by reducing the demand for dollars in the market by 40%, which will help stabilize the exchange rate.

“But that’s not all. It will also address issues like ’round-tripping’, where fuel is documented but does not actually enter Nigeria. With this new refinery, we will have a clear view of actual consumption. We will be able to track every loaded truck and, to the extent possible, monitor loaded ships. This will allow us to accurately determine consumption patterns, although that is a topic for another discussion.

“Today we are here to celebrate and thank Almighty God for bringing us to this point where we can produce gasoline. Many doubted that we could do it, but we did it.

“We owe a debt of gratitude to the President and his government. Without their support, we would not be where we are today. I believe this refinery will transform not only Nigeria, but the entirety of Sub-Saharan Africa. Our capacity will not only meet the needs of Nigeria, but will also serve the demands of the wider region.”

Showing a sample of the PMS to the press, Dangote noted: “This petrol may be a little cleaner than what we had before. It is of the highest quality, ensuring that your vehicle’s engine lasts longer. The quality of this fuel can match any premium standard across the world, including those in Europe and America. No one can beat us in terms of quality. Today is truly a celebration for us Nigerians.

“We are committed to ensuring that from October onwards there will be no need to import polypropylene. Our petrochemical plant will be fully capable of meeting all local demands,” Dangote said.

Dangote assured that the refinery will ensure the availability of petrol in Nigeria, but also clarified that the national oil company, the Nigerian National Petroleum Corporation Limited, NNPCL, is responsible for controlling prices at the petrol pump.

He described the development as a major breakthrough for the country, ending years of not producing a single litre of petrol nationwide. Dangote stressed that while he can ensure a steady supply of fuel from the refinery, the NNPC will manage the prices.

“Prices are controlled by the NNPC. For now, we are focused on ensuring that the products are available, that is what I can guarantee,” Dangote said.

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