The Organisation of the Petroleum Exporting Countries says the Dangote Petroleum Refinery and its efforts to ramp up Premium Motor Spirit (petrol) production are impacting the PMS market in Europe.
The 650,000-capacity Dangote refinery, which began operations in January last year, started producing PMS in September, years after the country had relied solely on importation for its fuel needs.
Since it started production, the refinery has exported petrol, diesel, and aviation fuel to other countries within and outside Africa.
A report by OPEC on Wednesday stated that the emergence of Dangote refinery has reduced the importation of petroleum products from Europe to Nigeria
“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.”
In the last quarter of 2024, OPEC said “imports also declined, particularly oil product imports, improving the outlook for the external sector.”