The Organisation of the Petroleum Exporting Countries (OPEC) has highlighted how the Dangote Petroleum Refinery’s efforts to boost Premium Motor Spirit (PMS) production are reshaping the European fuel market.
The refinery, with a capacity of 650,000 barrels per day, began operations in January last year and started PMS production in September.
This marked a significant shift for Nigeria, which previously relied entirely on fuel imports. The facility has since exported petrol, diesel, and aviation fuel to various countries, both within and beyond Africa.
An OPEC report on Wednesday noted that the Dangote Refinery has reduced Nigeria’s dependency on imported petroleum products from Europe.
“The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline (petrol) exports to the international market will likely weigh further on the European gasoline market.
“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets which will call for new destinations and flow adjustments for the extra volumes going forward,” the report stated.
OPEC observed that in the last quarter of 2024, Nigeria’s petroleum product imports declined, enhancing the country’s external sector outlook.
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