President of Dangote Industries Limited, Aliko Dangote, has assured Nigerians that there will be no petrol scarcity during the festive season, despite the recent surge in global oil prices.
Dangote gave the assurance on Sunday while announcing plans to expand the Dangote Petroleum Refinery’s capacity from 650,000 barrels per day (bpd) to 1.4 million bpd.
He said the refinery was fully prepared to maintain a consistent supply of Premium Motor Spirit (PMS) throughout the ember months, noting that prices would remain stable.
“In the last three days, global oil prices have risen by eight percent, but Nigerians can look forward to a Christmas and New Year free of fuel anxiety,” he stated.
The industrialist explained that petrol pump prices in Nigeria, currently between N800 and N900 per litre, remain among the lowest in the region, even as the refinery produces cleaner, high-quality Euro VI fuels.
According to him, the Dangote Refinery has helped stabilise the country’s fuel supply, strengthened the naira, and reduced capital flight.
Dangote also revealed that the refinery’s expansion would be completed within three years and financed through a mix of cash flow, public listing, and strategic investors. The project, he said, would make the facility the world’s largest and position Nigeria as a leading global refining hub.
He commended the Federal and Lagos State Governments, as well as the refinery’s host community in Lekki, for their support, describing the expansion as a vote of confidence in Nigeria’s economic future.
“Our goal is not just to refine oil but to refine opportunities for our people,” Dangote said, adding that over 85 percent of the refinery’s workforce will be Nigerians.
He reaffirmed plans to list the refinery’s shares on the Nigerian Exchange (NGX) next year to allow citizens to own a stake in what he described as a “national asset.”
Dangote concluded by urging other investors with refinery licences to join efforts toward achieving President Bola Tinubu’s vision of making Nigeria the refining hub of Africa.
