Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Dangote refinery's capacity has been ranked as one of the biggest in the world, including the ten biggest refineries in Europe.
The $20 billion Dangote refinery located in Lagos state can refine 650,000 barrels of petroleum products per day.
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Bloomberg reports that the Dangote Refinery's capacity is larger than that of the ten largest refineries in Europe.
It noted that Dangote Refinery has over 246,00bpd capacity more than Shell's Pernis refinery located in the Netherlands, Punch reports.
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The Bloomberg report further described the Dangote refinery as a 'game changer'.
An oil expert, Alan Gelder, told Bloomberg.
“Dangote is going to influence Atlantic Basin gasoline markets this summer and for the rest of the year."Earlier, Legit.ng reported that President Bola Tinubu commended Dangote Oil and Gas Limited for slashing the price of Automotive Gas Oil (AGO), also known as diesel, from N1200 to N1000.
The reduction was effected after the initial decrease from N1,650 to N1200 about three months ago.
Tinubu said the price review, which represents a 60% drop, would impact the prices of various goods and services.
Source: Legit.ng
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