By John Egbokhan
The Organisation of the Petroleum Exporting Countries (OPEC) has said the production of petroleum products by the Dangote Petroleum Refinery has reduced the importation of refined products from Europe.
In its Monthly Oil Market Report published on January 15, 2025, OPEC said with the refining efforts of Dangote Refinery, gasoline volumes produced in the international markets would have to find new destination markets.
“The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline 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 partly read.
Nigeria, Africa’s most populous nation, is facing energy challenges, with all its state-owned refineries non-operational for decades until recently. Nigeria is heavily dependent on imported refined petroleum products, with NNPC being the major importer of the essential commodities.
Fuel queues are common sights in the country. Prices of petrol have jumped up fivefold since the removal of subsidy in May 2023 by President Bola Tinubu, from around ₦200/litre to around ₦1000/litre, compounding the woes of the citizens who power their vehicles, and generating sets with petrol, no thanks to decades-long epileptic electricity supply.
