The Situation Room on Energy Sustainability, a coalition of civil society organizations, has expressed optimism that the launch of the Dangote refinery will lead to a significant reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol. The refinery, which has a capacity of 650,000 barrels per day, is set to begin supplying fuel to filling stations across Nigeria starting Thursday, according to Alhaji Aliko Dangote, President of Dangote Group.In a statement issued by the coalition's convener, Dr. Ikenna Nnaji, the group praised the inauguration of the world’s largest single-train refinery, predicting it will help alleviate the persistent fuel crisis that has plagued Nigeria. The coalition believes that this development will not only save the country billions of dollars in foreign exchange but also bolster the local currency.The statement highlighted the severe consequences of Nigeria's previous reliance on import-dependent refineries, including fuel scarcity, exorbitant prices, and the resulting economic and social hardships. It noted the adverse effects on the nation's economy, healthcare, and education systems, which have suffered due to these issues.“With the commencement of PMS production at the Dangote refinery, we expect a significant reduction in fuel scarcity,” the statement read. “This should lead to lower fuel prices and increased economic activity, ultimately improving livelihoods, reducing hunger, and saving lives.”The coalition also called on other private sector players to follow Dangote’s lead by investing in Nigeria’s energy sector, underscoring the importance of local investments in addressing the country's energy challenges.
