The Situation Room on Energy Sustainability, a coalition of civil society organizations, has expressed confidence that the launch of the Dangote Refinery will lead to a substantial decrease in the price of Premium Motor Spirit commonly known as petrol.
This optimism follows the announcement by the President of the Dangote Group, Alhaji Aliko Dangote, that the refinery, which has a production capacity of 650,000 barrels per day, will begin supplying products to filling stations across Nigeria starting on Thursday.
In a statement issued by the group’s convener, Dr. Ikenna Nnaji, the coalition highlighted the transformative potential of the world’s largest single-train refinery in resolving the persistent fuel shortages that have plagued Nigeria for years. .
They believe that the refinery’s operations will not only alleviate the frequent fuel crises but also bolster the nation’s economy by saving billions of dollars in foreign exchange, thereby strengthening the Nigerian naira.
The statement underscored the importance of this development, urging other private sector players to follow Dangote’s example by investing in Nigeria’s energy sector.
The coalition emphasized the dire consequences that the country’s reliance on imported fuel has had on various aspects of national life, including the economy, healthcare, and education.
“For years, Nigerians have suffered from perennial fuel scarcity, skyrocketing prices, hunger, and even death due to the inability of our refineries to produce,” the statement read. “This has led to untold hardships, economic losses, and loss of lives. The impact on our economy, healthcare, and education has been devastating.”
With the imminent production of PMS at the Dangote refinery, the group anticipates a significant easing of fuel scarcity, which they believe will lead to lower prices at the pump.
This, in turn, is expected to stimulate economic activity, improve living standards, reduce hunger, and ultimately save lives.
