Aliko Dangote has announced that petrol from his 650,000 barrels-per-day refinery will be available at filling stations within 48 hours, pending final agreements with the Nigerian National Petroleum Company Limited (NNPCL). During a press briefing on Tuesday, Dangote confirmed that the refinery is ready to distribute its Premium Motor Spirit (PMS) as soon as the arrangements with NNPCL are finalized.

When asked about the pricing of petrol from his refinery, Dangote mentioned that the pricing framework has been approved by the Federal Executive Council under President Bola Ahmed Tinubu. He emphasized that the refinery is ready to enter the market as soon as the NNPCL agreement is completed, which could happen imminently.

Dangote’s refinery, which began operations last December with a capacity of 350,000 barrels per day, plans to reach its full capacity of 650,000 barrels per day by the end of the year. The refinery has already started supplying diesel and aviation fuel to the market and is now prepared to distribute petrol.

Additionally, Dangote highlighted the benefits of the “Naira for Crude” initiative, which he believes will reduce the demand for foreign exchange by 40% and bring greater stability to the Naira. He also noted that this system would help track the distribution of loaded trucks, making it easier to calculate the country’s fuel consumption.