Dangote Refinery to Commence Petrol Rollout in September

By Miracle Esegha

The Federal Government has announced that the Dangote Petroleum Refinery will begin rolling out petrol in September 2024. This follows an agreement reached with the refinery to sell crude oil to local refineries in naira, starting October 1, 2024.

The Minister of Finance, Wale Edun, made this announcement during a meeting with the Implementation Committee in Abuja. The committee was set up to ensure the implementation of crude oil sales to local refineries in naira.

Key stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission, and the African Export-Import Bank, have been assigned roles to ensure a smooth implementation.

The first petrol delivery from Dangote Refinery is expected next month, with significant production increases anticipated from November 2024. The Federal Government aims to stabilize the pump price of refined fuel and the dollar-naira exchange rate through this initiative.

Dangote Refinery requires 15 cargoes of crude oil yearly, and the government has inaugurated a technical sub-committee to develop a framework for the sale of crude oil to local refineries in naira.