Business
Dangote Refinery Begins Petrol Production, Set to Ease Fuel Scarcity
The Dangote Group has announced that its Lagos-based refinery, which has a capacity of processing 650,000 barrels per day, has begun producing Premium Motor Spirit (PMS), commonly known as petrol.
Chiejina explained that similar to how the company had earlier commenced the supply of Automotive Gas Oil (AGO), or diesel, their petrol production is set to alleviate the long-standing fuel scarcity in Nigeria.
He emphasized that the introduction of Dangote Petrol to the market is expected to drastically reduce the time Nigerians spend queuing at filling stations, which has been a major issue for commuters and businesses alike.
“The refinery has already begun producing Premium Motor Spirit,” Chiejina noted. “We narrowly missed launching in August by just a day, but the product will be available on the market very soon.
Just as we did with AGO, we started producing it and in a short period, it reached the market. This same approach is being applied to petrol. By September, once we reach commercial-scale production, the product will be available across the country.”
He further elaborated on the company’s goal of making petrol both available and affordable, which will significantly ease the pressure on Nigerians who have endured long queues at fuel stations and wasted valuable time trying to purchase fuel. The group aims to improve access to petrol and reduce the hours lost due to the ongoing scarcity.
This update from Dangote Group comes at a time when the Nigerian National Petroleum Company Limited (NNPCL) admitted it is grappling with financial challenges concerning the cost of petrol supply.
Over the past weekend, NNPCL’s acknowledgment of the financial strain further exacerbated public anxiety over the country’s ongoing fuel shortages, as citizens continue to struggle with prolonged scarcities.
The entrance of Dangote’s refinery into petrol production is expected to bring much-needed relief to Nigerians and ease the pressure on fuel availability in the country.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.
They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.
“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
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