OPEC has reported that the Dangote Refinery is impacting the petrol market in Europe.
The refinery, which began operations in January 2024 and started producing petrol in September, has significantly reduced Nigeria’s need to import petroleum products from Europe. This has led to a decrease in petrol imports from Europe to Nigeria.
The Dangote Refinery, with a capacity of 650,000 barrels per day, has been exporting petrol, diesel, and aviation fuel to various countries within and outside Africa.
OPEC’s report suggests that the continued production and export of petrol from the Dangote Refinery will likely affect the European petrol market further.
“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.”
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