Nigeria's state oil company is raising gasoline prices after starting to buy fuel from the newly opened Dangote refinery, Africa's biggest, which is poised to make Nigeria a gasoline exporter.
Nigeria ’s state oil company
Ltd is raising the price of gasoline by 11% after it started buying fuel from the new Dangote refinery, Africa’s biggest. The new estimated petrol prices are based on negotiated terms between Ltd. and Dangote Refinery which recognize the current international gasoline prices and the prevailing foreign exchange rate in line with the local petroleum act, the state company said.
Ltd also confirmed on Monday that it began buying gasoline from the Dangote refinery on Sunday and that it is paying the private refinery in U.S. dollars for the September 2024 offtake. Transactions in the local Nigerian currency, naira, will only commence on October 1, 2024, added. The Dangote refinery is set to ramp up production of gasoline soon, potentially upending global gasoline flows. The newly operational refinery is poised to turn OPEC’s largest African crude oil producer from a gasoline importer to a gasoline exporter, impacting fuel market balances, especially in Europe. The Dangote refinery began the production of fuels in January 2024, marking the start-up of the plant that has seen years of delays.
NNPC Dangote Refinery Gasoline Price Hike Exports OPEC Africa Fuel Market Europe
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