Aliko Dangote has assured Nigerians of steady Premium Motor Spirit (PMS) supply and no petrol price hikes through the festive “ember” months, despite an 8% jump in global oil prices in the past three days.

Announcing plans to expand the Dangote Petroleum Refinery from 650,000 bpd to 1.4 million bpd over the next three years via a mix of cash flow, public listing, and strategic investors he said the upgrade would surpass India’s Jamnagar complex and position Nigeria as a global refining hub.

He thanked the Federal and Lagos State governments, the Lekki host community, and partners for their support, and urged other licence holders to invest to advance President Tinubu’s vision of making Nigeria Africa’s refining center.

Dangote noted pump prices climbed from about N189/litre in 2023 to above N1,000 before easing to roughly N800 – N900 in early 2025, but maintained Nigeria’s petrol remains among the region’s lowest.

He added the refinery’s Euro VI fuels have curbed toxic dumping, stabilized local supply, supported the naira, and reduced capital flight. The expansion, he said, reflects confidence in Nigeria and Africa’s capacity to secure energy independence.