>
By Emmanuel Adeleke
The Chairman, Dangote Industries Limited, Aliko Dangote, has disclosed that petrol produced from his 650,000 barrels per day refinery will hit filling stations in the next 48 hours as modalities with the Nigerian National Petroleum Company Limited (NNPCL) are formalised.
Dangote made the disclosure at a press briefing to announce the formal production of petrol at the refinery on Tuesday.
“Our PMS (Premium Motor Spirit) can be in filling stations within the next 48 hours depending on NNPCL,” he said.
Asked to speak on the pricing of petrol from his refinery, Dangote said: “It is an arrangement which is designed and approved by the Federal Executive Council (FEC) led by His Excellency, President Bola Ahmed Tinubu.
“As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.”
Dangote added that the introduction of naira for crude will reduce the demand for foreign exchange by 40 per cent.
“I want to thank President Bola Tinubu for creating this idea of naira for crude and naira for the product. Doing that will give a lot of stability to the naira and remove 40 per cent of the demand for dollars. That’s not just it, there is a lot of round tripping,” he stated.
