Nigeria’s existing refineries located in Port Harcourt,  Warry and Kaduna states, with a combined capacity of 445,000 barrels per day and the targeted expansion of refining capacity to 1.5 mbd, expectedly, will meet the country’s domestic fuel demand and potentially allow for the export of refined products to other countries.

The Dangote Refinery, scheduled to commence operation soon, as well as various refinery projects across the country, including the Bua Group Refinery project, Waltersmith Modular Refinery, Duport Midstream Refinery, OPAC Refinery, Edo Refinery, Aradel Holdings Refinery will boost Nigeria’s refining capacity and put an end to decades long importation of petrol.

The pump price of Premium Motor Spirit (PMS) otherwise known as petrol, skyrocketed by over 200% after President Bola Tinubu removed subsidies on the product on assumption of office in May 2023.

Although Nigeria is still accounted as having one of the cheapest petrol prices globally, the sharp increase has left many consumers and businesses in despair following the harsh economic realities.