DANGOTE’S FUEL MIGHT HIT THE MARKET SOON FOLLOWING FUEL SCARCITY

Africa’s richest man ALIKO Dangote has disclosed today, concerning pricing for his Premium Motor Spirit (PMS), a product with very high global demand. He said that if modalities with the Nigerian National Petroleum Company Limited (NNPCL) went through, his product will soon hit the market. This comes after citizens were seen queuing for fuel at pump stations.

Fuel scarcity in Nigeria. Source: punchng.com

"Our PMS (Premium Motor Spirit) can be in filling stations within the next 48 hours, depending on NNPCL," he said. Asked to speak on the pricing of petrol from his refinery, Dangote said, "It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu.

 "As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.

ALIKO, Dangote. Source: cnbc.com

He declared that, "it's a celebration day" for Nigerians and assured all citizens that they "are now going to have good petrol while the engines of your vehicles will last longer. You will not be having an engine issue, which a lot of us were having. It won't happen at all".

"The quality here will match that of anywhere in the world; US, America, we will make sure that nobody will beat us in terms of quality," Dangote said.

The refinery, initially delayed by regulatory hurdles, aims to reach its full capacity of 650,000 barrels per day by the end of the year. It has already begun supplying diesel, aviation fuel, and now petrol to domestic marketers.

Nigeria, Africa's most populous country, faces significant energy challenges, with all state-owned refineries currently non-operational. The nation is heavily dependent on imported refined petroleum products, with the state-run NNPCL being the main importer of these essential goods.

Fuel shortages are widespread across the country. Following the removal of subsidies in May 2023, petrol prices have surged from around ₦200 per liter to approximately ₦800 per liter, adding to the struggles of citizens who rely on petrol for their vehicles and generators, further strained by the country's long-standing unreliable electricity supply.

Source: ghanaweb.com

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