The Organisation of the Petroleum Exporting Countries, OPEC, has highlighted that the production of petroleum products, including Premium Motor Spirit (PMS), at the Dangote Petroleum Refinery is significantly influencing the PMS market in Europe.
This was disclosed in OPEC’s report released on Wednesday, PulseNets learnt.
According to the report, the Dangote refinery’s emergence has curtailed Nigeria’s reliance on importing petroleum products from Europe.
“The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline (petrol) exports to the international market will likely weigh further on the European gasoline market.
“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets, which will call for new destinations and flow adjustments for the extra volumes going forward,” the report stated.
In the fourth quarter of 2024, OPEC noted, “Imports also declined, particularly oil product imports, improving the outlook for the external sector.”
PulseNets reports that the Dangote Refinery, with a capacity of 650,000 barrels per day, commenced the rollout of PMS on September 15, marking a significant milestone for Nigeria’s oil and gas sector.
The $20 billion refinery, situated in Lekki, Lagos, has steadily ramped up production to meet both domestic and international demand for petrol.
In November, Dangote Petroleum Refinery reduced its ex-depot price of PMS to N899.50 per litre. Speaking to PulseNets, industry stakeholders confirmed that the company subsequently collaborated with MRS filling stations to retail petrol at N935 per litre.
Also Read: Dangote Refinery Sets Petrol Price at N935 Per Litre Nationwide
Dangote’s price adjustment prompted the Nigerian National Petroleum Company (NNPC) to lower its PMS price to N965 per litre, PulseNets reported.
Currently, Nigerians purchase petrol at prices ranging between N935 and N1,100 per litre nationwide, PulseNets learnt.
