Aliko Dangote, owner of the $20 billion Lagos-based refinery, has announced that the Premium Motor Spirit (PMS), also known as petrol, from his refinery is ready and expected to reach filling stations within the next 48 hours.
However, he indicated that the exact timing depends on the Nigerian National Petroleum Company Limited (NNPCL).
Dangote gave this update in a video posted on Facebook by Channels Television, according to Premium Times.
The price of petrol has surged dramatically since President Bola Tinubu’s inaugural address in May last year, which marked the end of the petrol subsidy.
Since then, petrol prices have risen by over 400%, from ₦189 to over ₦900, contributing to a significant increase in inflation.
When asked about the pricing of petrol from his refinery, Dangote stated that it will be determined by the Federal Executive Council, led by President Tinubu.
“It is an arrangement which is designed and approved by the federal executive council led by President Tinubu. As soon as it is finalised, once we finish with NNPCL, which can be today, can be tomorrow we are ready to roll into the market,” Dangote explained.
He also declared today as “a celebration day” for Nigerians, assuring them that the petrol will be of high quality.
“You will not be having an engine issue, which a lot of us were having. It won’t happen at all. The quality here will match that of anywhere in the world; US, America, we will make sure nobody will beat us in terms of quality,” Dangote promised.
