Aliko Dangote, President of Dangote Group, has unveiled the first sample of Premium Motor Spirit (PMS), also known as petrol, from the Dangote Refinery in Lagos State. This milestone marks a significant step towards meeting Nigeria’s fuel demands and beyond.

The refinery, with a capacity of 650,000 barrels per day, has been conducting test runs and promises to provide high-quality products for Nigerians and sub-Saharan Africa. Dangote expressed gratitude to the Nigerian government, particularly President Bola Tinubu, for supporting the project and introducing the crude-for-Naira exchange initiative, which will help stabilize the Naira.

However, Dangote Group has faced challenges, including allegations that international oil companies are not selling crude to local refiners. The company claims that foreign oil producers prioritize Asian countries and sell crude oil through foreign agents, driving up local prices.

Key Developments:

 

– Crude Oil Supply Deal: The Federal Government announced that the crude oil supply deal would commence in October.

– Dispute with NUPRC: Dangote Group disputed NUPRC’s claim of supplying 29 million barrels of crude oil, stating they had only received one crude cargo from a domestic producer.

– Refinery Capacity: Dangote Refinery aims to meet Nigeria’s fuel demands and export to sub-Saharan Africa.

This breakthrough is expected to transform Nigeria into an oil market juggernaut, as reported by Bloomberg. The refinery’s operations will provide clarity on Nigeria’s true fuel consumption and enable tracking of every truck and shipload.