Dangote Refinery launches Euro-V petrol, says importation of polypropylene to end October 2024

*Aliko Dangote, President/Chief Executive of Dangote Group, assures Nigerian energy consumers there will be no more importation of polypropylene into the West African country effective from October this year

Isola Moses | ConsumerConnect

Alhaji Aliko Dangote, President/Chief Executive (CE) of Dangote Group, has said Nigerian energy consumers, for the first time, will gain a clear understanding of the country’s actual fuel consumption, as his Dangote Petroleum Refinery rolls out the Premium Motor Spirit (PMS), otherwise known as petrol.

Dangote stated this Tuesday, September 3, 2024, Lagos, as the company officially confirmed the rollout of Premium Motor Spirit, from the world’s largest single-train refinery with a capacity of 650,000 barrels per day (bpd).

Reflecting on the achievement of starting PMS production 28 years after Nigeria’s four refineries ceased domestic refining while speaking to reporters at the refinery located in Ibeju-Lekki, Lagos, Dangote emphasised this development would boost the industrial and manufacturing sectors.

The President/CE of Dangote Industries Limited (DIL) also highlighted that the refinery would significantly reduce fuel imports, save Foreign Exchange (Forex), and would contribute to stabilising the Naira, lowering inflation, and reducing the cost of living for consumers.

Dangote, accompanied to the oil-refining facility by Devakumar Edwin, Vice-President of Oil and Gas at Dangote Industries Limited; Fatima Aliko-Dangote, Group Commercial Operations Director at DIL, described this milestone as a transformative moment for Nigeria, ending years of fuel imports.

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

“Today is a momentous occasion because Nigeria has not produced petrol, or gasoline, for many years.

“As I stand here, I want to extend my gratitude to the people of Nigeria and to President Bola Ahmed Tinubu’s administration for creating the environment that has enabled us to achieve this monumental task.

“This development will provide energy for our nation’s growth, development, and prosperity,” stated Dangote.

The President of Group further noted: “I want to personally thank Mr. President for introducing the concept of ‘Naira for Crude’ and ‘Naira for Products.’

“This initiative will bring much-needed stability to the Naira by reducing the demand for Dollars in the market by 40%, which will help stabilise the exchange rate.”

He said: “But that’s not all. It will also address issues like ‘round-tripping,’ where fuel is documented but doesn’t actually enter Nigeria.

“With this new refinery, we will have a clear view of true consumption.

“We’ll be able to track every loaded truck and, as much as possible, monitor loaded ships.”

Dangote stressed “this will allow us to precisely determine consumption patterns, though that’s a topic for another discussion.

“Today, we are here to celebrate and give thanks to God Almighty for bringing us to this point where we can produce gasoline.”

He as well stated: “Many doubted we would achieve this, but we have delivered.

“We owe a debt of gratitude to the President and his government. Without their support, we wouldn’t be where we are today.”

Dangote asserted: “I believe this refinery will transform not only Nigeria but also the entire Sub-Saharan Africa.

“Our capacity will not only meet Nigeria’s needs but also serve the demands of the broader region.”

Displaying a sample of the PMS to the press Tuesday, Dangote remarked: “This petrol might be a bit cleaner compared to what we had before.

“It’s of the highest quality, ensuring that your vehicle’s engine will last longer.”

He stated: “The quality of this fuel can match any premium standard worldwide, including those in Europe and America.

“No one can surpass us in terms of quality. Today is truly a celebration for us Nigerians.”

He assured Nigerian consumers: “We are committed to ensuring that starting in October, there will be no need to import polypropylene.

“Our petrochemical plant will be fully capable of meeting all local demands.”

Dangote further assured Nigerians that the oil refinery would guarantee availability of petrol in the country.

He, however, clarified that the Nigerian National Petroleum Company Limited (NNPCL), is responsible for controlling petrol pump prices in the country.

The President of Dangote Group described the development as a significant turnaround for the country, ending years of not producing a single litre of petrol domestically. Dangote emphasised that while he could ensure a steady supply of fuel from the refinery, the NNPC will manage pricing.

“Pricing is controlled by NNPC. For now, we focus on ensuring that the products are available—that’s what I can guarantee,” Dangote said.