The President of Dangote Group, Aliko Dangote, has presented the first sample of Premium Motor Spirit (PMS), otherwise known as petrol, produced at the Dangote Oil Refinery and Petrochemicals in the Ibeju-Lekki area of Lagos State.

Dangote presented the petrol sample during a broadcast at his 650,000 barrels per day refinery in Lagos on Tuesday, September 3, 2024.

The billionaire businessman assured Nigerians that the refinery will meet their demands.

He said: “I would like to salute the people of Nigeria and the government of President Bola Tinubu for giving us the platform for growth, development, and prosperity. I also want to thank him personally for creating the idea of the naira for crude. Doing that will give naira stability.

“As we have this refinery working, it will show the true consumption of Nigeria; we can track every loaded truck and ship.

“It’s a celebration day for Nigerians. Nigerians 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.

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“The quality here will match that of anywhere in the world; U.S., America, we will make sure that nobody will beat us in terms of quality.”

The Star had earlier reported that the Dangote refinery had concluded the test production of petrol and fuel could be made available as early as this week.

The federal government had in August said it would begin crude oil sales in naira to the Dangote refinery and others in October 2024.

The government further described it as a move to enhance Nigeria’s economic growth and development.

The Organisation of Petroleum Exporting Countries (OPEC) also said supplies from the Dangote refinery will put pressure on the performance of Europe’s oil industry, especially the Northwest Europe (NWE) Gasoil.

OPEC in its newly released monthly Oil Market Report for June 2024 listed Dangote refinery among the top diesel and jet fuel suppliers that will disrupt Europe’s oil and gas Industry, a development experts forecasted will positively impact the Nigerian economy.

The OPEC report revealed that “upside potential for higher production levels from Nigeria’s Dangote refinery, coupled with strong flows from the Middle East and new supplies from the Mexican Olmeca refinery, will likely exert pressure on NWE gasoil performance in the mid-term.”

“Europe is one of the world’s largest purchasers of refined petroleum products and relied on imports from Asia and the U.S. after the European Union banned the use of Russian diesel in the bloc,” it added.

The Star