Price Crash Looms As Dangote Finally Reveals Date To Start Selling Fuel
Fuel price crash seems very likely to occur as Dangote refinery has announced the date when it will start selling the product.
The start of Premium Motor Spirit (PMS) aka fuel sale by the Dangote Petroleum Refinery and Petrochemicals in Lagos has been pushed back from June to mid-July. Aliko Dangote, the President and CEO of the refinery, announced this delay during a visit from a Senate delegation led by Senate President Godswill Akpabio.
During the tour of the $20 billion facility, Dangote explained, “We had a bit of a delay, but PMS will start coming out by the 10th or 15th of July. We want to keep it in the tank a bit longer to ensure it settles. By the third week of July, we will be able to sell it in the market.”
The Senate delegation, impressed by the scale and potential of the refinery, toured the expansive facility which began operations last December with a processing capacity of 350,000 barrels per day.
The refinery, which has already started supplying diesel and aviation fuel to marketers, is anticipated to play a crucial role in stabilizing Nigeria’s fuel supply and reducing the need for imports.
Senate President Akpabio praised the initiative, describing the refinery as “the 9th wonder of the world,” and commended Dangote for his significant contribution to the nation’s economy.
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Marketers are hopeful that once the refinery begins supplying petrol, it could substantially reduce the current retail prices, which range from ₦568 to ₦700 per litre, depending on the region within the country.
