Aliko Dangote's refinery has launched its first Premium Motor Spirit (PMS), promising fuel quality on par with global standards. This development aims to stabilize Nigeria's economy by reducing reliance on imports, saving foreign exchange, and alleviating fuel shortages amid ongoing financial struggles faced by the Nigerian National Petroleum Company.
In a landmark moment for Nigeria’s energy sector, Aliko Dangote, owner of the Dangote Refinery, announced the rollout of Premium Motor Spirit (PMS), commonly known as petrol, from the facility in Lagos. Celebrating this achievement, Dangote proclaimed September 3, 2024, a “celebration day for Nigerians.”
After launching operations in May 2023, the refinery has now transitioned to producing petrol at a capacity of 650,000 barrels per day, a milestone expected to enhance the quality and reliability of fuel available to Nigerian consumers. At a press conference, Dangote assured citizens that the petrol produced at his facility would rival the quality of any global standard, specifically stating, “The quality here will match that of anywhere in the world; US, America.”
The refinery aims to help stabilize the economy by substituting imported fuel, saving foreign exchange, and ultimately supporting the naira. Dangote emphasized the refinery's role in restoring the manufacturing sector and reducing inflation, highlighting its efforts to commence full operations by finalizing arrangements with the Nigerian National Petroleum Company Limited (NNPCL).
This rollout comes amid financial turmoil within the NNPCL, which faces significant debts to petrol suppliers, contributing to persistent fuel scarcity across Nigeria. The company admitted that a staggering $6 billion debt exacerbates the supply crisis that has plagued the nation since early 2024.
As Nigeria grapples with soaring petrol prices and inflation, the arrival of Dangote’s petrol may offer a glimmer of hope in the quest for energy security and economic stability.
