According to the Organization of the Petroleum Exporting Countries, or OPEC, the Dangote Petroleum Refinery’s output of petroleum products, such as Premium Motor Spirit, or PMS, is having an effect on the European PMS market.
This is in line with the OPEC report released on Wednesday.
According to the study, Nigeria now imports fewer petroleum products from Europe as a result of the Dangote refinery’s establishment.
“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.”
“Imports also declined, particularly oil product imports, improving the outlook for the external sector,” OPEC stated in the fourth quarter of 2024.
According to reports, on September 15, the 650,000 barrels per day Dangote Refinery started using PMS, signaling a new era for Nigeria’s oil and gas industry.
To meet the demand for gasoline both domestically and abroad, the $20 billion refinery located in Lekki, Lagos, has continued to increase production.
Remember how Dangote lowered the ex-depot price of gasoline to N899.50 per liter in November? After that, the business joined together with MRS filling stations to offer gasoline for N935 per liter.
The Nigerian National Petroleum Company, or NNPC, lowered its PMS price to N965 per litre in response to Dangote’s price cut.
According to reports, the average Nigerian now spends between N935 and N1,100 a liter on gasoline.
