Dangote Petroleum Refinery has revealed that it will export its Premium Motor Spirit (PMS), commonly known as petrol, if the Nigerian National Petroleum Company (NNPC) Limited and other domestic petroleum marketers choose not to purchase it.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, made this statement on Monday during an appearance on the Brekete Family live show.
Edwin confirmed that the refinery has begun producing petrol, as earlier reported. He noted that local oil traders have been importing diesel and aviation fuel, which has hindered the domestic sales of Dangote’s fuel.
He stated, “We have already been exporting aviation fuel, producing kerosene, and diesel, and just yesterday, we began the production of PMS. This marks the final stage, with petrochemicals being the only product yet to be produced.”
Nigeria’s expenditure on petrol soared to N2.6 trillion in the first quarter of 2024, representing a 46 percent increase from the fourth quarter of 2023.
This data comes from the latest foreign trade report by the National Bureau of Statistics (NBS) for the first quarter of the year.
The cost of motor spirit imports was N1.8 trillion in the fourth quarter of 2023 and a combined N7.5 trillion for the entirety of 2023.
When asked if the petrol would be sold domestically, Edwin explained that local traders have been blocking the distribution of their products within the country. As a result, Dangote has been exporting its petroleum products, including PMS.
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