The Nigerian National Petroleum Corporation (NNPC) has lifted the first batch of Premium Motor Spirit (PMS), also known as petrol, from the Dangote Refinery.
This measure is important to reduce Nigeria’s reliance on foreign fuel.
This marks a watershed point in the country’s efforts to increase domestic refining capacity and ensure energy security.
The Dangote Refinery, Africa’s largest, started producing PMS early this year. The NNPC’s decision to remove PMS from the refinery marks the beginning of a long-awaited partnership between the national oil corporation and the privately operated refinery, which is projected to considerably lower Nigeria’s fuel import cost.
According to sources within NNPC, the fuel lift is part of an agreement between NNPC and Dangote Industries Limited, where the national oil company has secured rights to purchase a substantial volume of the refinery’s output.
The move aims to meet the country’s fuel demand while stabilizing prices amid global market fluctuations.
See below;
Dangote Refinery will be pumping out petrol today for the first time today September 15. This is the condition of the refinery as at this morning. May Nigeria succeed pic.twitter.com/PK11AofApP
— Dr Penking™🇳🇬🇦🇺 (@drpenking) September 15, 2024
