Business
Dangote Refinery to Supply 25 Million Litres of Petrol Daily Starting September 2024
The Dangote Refinery is set to supply 25 million litres of petrol daily to the Nigerian market, starting in September 2024, according to an announcement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
In a statement released on Tuesday, the NMDPRA revealed that it had convened a meeting with the Nigerian National Petroleum Company Limited (NNPCL) to finalise the supply of local crude oil to the refinery.
During the meeting, it was agreed that NNPCL would sell and supply crude oil to the Dangote Refinery in the local currency.
The NMDPRA stated on its official X (formerly Twitter) account, “NNPCL has reached an agreement to commence the sale and supply of crude oil to the Dangote Refinery in local currency at the NMDPRA headquarters in Abuja.
The refinery is set to deliver an initial supply of 25 million litres of Premium Motor Spirit (PMS) into the domestic market starting this September. By October 2024, this daily supply is expected to increase to 30 million litres.”
This development follows an official announcement by Aliko Dangote, President of Dangote Group, who confirmed that the first rollout of Premium Motor Spirit (PMS) from the 650,000 barrels per day refinery had begun.
Additionally, Dangote mentioned that the Federal Executive Council (FEC) would ultimately determine the pricing of petrol from the refinery, a decision that will likely have significant implications for the Nigerian market.
The Dangote Refinery, one of the largest in Africa, is expected to play a key role in reducing Nigeria’s reliance on imported fuel and addressing the country’s energy needs.
The commencement of domestic petrol production from this refinery is seen as a major milestone for Nigeria’s oil and gas sector.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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