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Dangote Refinery, one of the largest petroleum refineries in Nigeria, has announced its plans to start selling petrol after successfully launching diesel. The refinery has recently purchased more crude oil from the United States to ramp up production.
According to a report by Bloomberg, the United States, known for being a major crude oil exporter, offers cheaper crude when Dangote Refinery enters the petrol market. This is expected to lead to a drop in the retail price of petrol, benefiting consumers.
The refinery is currently preparing two units to enable gasoline (petrol) output, which will have a significant impact on the fuel market in Nigeria, West Africa, and beyond.
Alan Gelder, Vice President of Refining, Chemicals, and Oil Markets at consultancy firm Wood Mackenzie, stated that Dangote Refinery’s entry into the market will influence Atlantic basin gasoline markets throughout the year.
Wood Mackenzie expects the petrol-focused units to be operational by summer, while other analysts predict it may take until the end of the year for the residue fluid catalytic cracking unit (RFCC) to come online. The RFCC is responsible for upgrading heavier products.
Dangote Industries has announced that petrol deliveries will commence in May 2024. This move, similar to the reduction in diesel prices, is expected to help decrease the current price of diesel in the market.
With the upcoming sale of petrol from Dangote Refinery, consumers can look forward to more competitive prices and improved supply in the fuel market.
This article was updated 8 months ago
