The President and CEO of the Dangote Group, Aliko Dangote, confirmed the new production date to journalists at the facility in Lagos on Monday, June 10, 2024.
Dangote said the date change was due to a slight delay, which prompted the shift from June to the new date.
Africa’s richest man disclosed that the $20 billion facility will commence petrol production between 10 and 15 July, while supply to the local market will begin from the third week in July.
Dangote said:
The refinery began producing and supplying diesel and aviation fuel to the domestic market and made its aviation fuel export recently.
The company also announced a crash in the depot price of diesel to N1,200 per litre, leading to a crash in the pump price of the product from N1,700 to N1,300 per litre.
According to reports, the first shipment, loaded onto the vessel Doric Breeze, left the Lekki Free Trade Zone in Lagos on May 27, 2024, to Rotterdam in the Netherlands.
An earlier report by TimesNow.com.ng disclosed that oil marketers have begun registering with the company to lift petrol when the product becomes available.
The marketers are reportedly registering as individual business owners and applying to get a direct fuel supply from the 650,000 bpd-capacity refinery.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) disclosed that it would continue negotiations with the facility to obtain a bulk supply for its members, who may need more money to afford large volumes of petrol purchases.
Aliko Dangote, the president of the Dangote Group, disclosed that the refinery would commence the sale of petrol in June to end importation into Nigeria.
The national vice president of IPMAN, Hammed Fashola, expressed delight, saying that the refinery can meet Nigerians’ needs regarding petroleum product supplies.
Fashola expressed the marketers’ eagerness to begin lifting fuel from the facility, stating that they are in great anticipation.
Refinery owners have also said local production from Modular and the Dangote refineries might crash petrol prices to N300 per litre.
The refinery owners disclosed that when the facilities began production, many extraneous costs would be eliminated, leading to a product price crash.
TimesNow.com.ng previously reported that Aliko Dangote, Africa’s wealthiest individual, revealed his expectation that the total revenue from his businesses would surpass $30 billion by the close of 2024.
The Nigerian billionaire and founder of the Dangote Group is renowned for his extensive business empire, which includes subsidiaries specialising in a wide range of goods and services across various sectors of Nigeria’s economy.
In a CNN interview, Dangote expressed that this significant growth would position the Dangote Group among the top 120 largest companies globally.
Proofread by Kola Muhammed, a journalist and copyeditor at TimesNow.com.ng
