Aliko Dangote Confirms New Date for Petrol Production from Refinery, Marketers Register to Buy

Aliko Dangote Confirms New Date for Petrol Production from Refinery, Marketers Register to Buy

  • The President of Dangote Industries, Aliko Dangote, has announced new dates for petrol production from his refinery
  • Dangote said the shift in date was due to a slight delay, stating that production wpi;d commence between July 10 and 15, 2024
  • He said Nigerians should expect petrol from the facility to hit the local market in the third week of July

Africa’s largest oil refinery, the Dangote Refinery, has shifted the production date for Premium Motor Spirit (PMS) or petrol from June to mid-July.

The President and CEO of the Dangote Group, Aliko Dangote, confirmed the new production date to journalists at the facility in Lagos on Monday, June 10, 2024.

Aliko Dangote, Dangote refinery, petrol
President of Dangote Industries, Aliko Dangote, announces a new date for petrol production Credit: Bloomberg/Contributor
Source: Getty Images

Dangote sets specific dates for production

Dangote said the date change was due to a slight delay, which prompted the shift from June to the new date.

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Africa’s richest man disclosed that the $20 billion facility will commence petrol production between 10 and 15 July, while supply to the local market will begin from the third week in July.

Dangote said:

“We had a bit of delay, but PMS will start coming out by 10 to July 15. But then we want to keep it in the tank to make sure that it settles. So by the third week of July, we’ll be able to come out to take it into the market,” Dangote said.

The refinery began producing and supplying diesel and aviation fuel to the domestic market and made its aviation fuel export recently.

The company also announced a crash in the depot price of diesel to N1,200 per litre, leading to a crash in the pump price of the product from N1,700 to N1,300 per litre.

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Traders buy cheap petrol in Nigeria to sell for N1,700/litre in other markets

According to reports, the first shipment, loaded onto the vessel Doric Breeze, left the Lekki Free Trade Zone in Lagos on May 27, 2024, to Rotterdam in the Netherlands.

An earlier report by Legit.ng disclosed that oil marketers have begun registering with the company to lift petrol when the product becomes available.

The marketers are reportedly registering as individual business owners and applying to get a direct fuel supply from the 650,000 bpd-capacity refinery.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) disclosed that it would continue negotiations with the facility to obtain a bulk supply for its members, who may need more money to afford large volumes of petrol purchases.

Dangote raises hopes of Nigerians

Aliko Dangote, the president of the Dangote Group, disclosed that the refinery would commence the sale of petrol in June to end importation into Nigeria.

The national vice president of IPMAN, Hammed Fashola, expressed delight, saying that the refinery can meet Nigerians' needs regarding petroleum product supplies.

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Dangote refinery begins petrol production, marketers register to lift product at reduced price

Refinery owners move to crash petrol prices

Fashola expressed the marketers' eagerness to begin lifting fuel from the facility, stating that they are in great anticipation.

Refinery owners have also said local production from Modular and the Dangote refineries might crash petrol prices to N300 per litre.

The refinery owners disclosed that when the facilities began production, many extraneous costs would be eliminated, leading to a product price crash.

Dangote to earn $30 Billion from refinery and other investments

Legit.ng previously reported that Aliko Dangote, Africa's wealthiest individual, revealed his expectation that the total revenue from his businesses would surpass $30 billion by the close of 2024.

The Nigerian billionaire and founder of the Dangote Group is renowned for his extensive business empire, which includes subsidiaries specialising in a wide range of goods and services across various sectors of Nigeria's economy.

In a CNN interview, Dangote expressed that this significant growth would position the Dangote Group among the top 120 largest companies globally.

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Dangote, other refineries to crash petrol prices to N300 per Litre as production begins

Proofread by Kola Muhammed, a journalist and copyeditor at Legit.ng

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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