The production of petrol at the Dangote Refinery is indeed having an impact on the European market, as confirmed by reports from the Organization of the Petroleum Exporting Countries (OPEC). The refinery, which has a capacity of 650,000 barrels per day, began operations in January of the previous year and started producing Premium Motor Spirit (PMS) in September. This has led to a noticeable decrease in the importation of petroleum products from Europe to Nigeria, with the additional production freeing up gasoline volumes in international markets.
OPEC’s analysis suggests that this increased production will likely weigh further on the European gasoline market, necessitating new destinations for these volumes and adjustments in trade flows. This shift is significant because Nigeria, traditionally reliant on imports for its fuel needs, is now exporting petrol, diesel, and aviation fuel, thereby disrupting established supply chains and influencing market dynamics in Europe.
