The Organization of the Petroleum Exporting Countries (OPEC) has said the production of petrol by Dangote Refinery has reduced the importation of refined products from Europe.

OPEC, in its Monthly Oil Market Report published on January 15, 2025, advised Europe to look for other markets in order to thrive.

The organization said the ongoing operational ramp-up efforts at Dangote Refinery and its gasoline exports to the international market will likely weigh further on the European gasoline market.

The report added,“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.”

Apart from Dangote Refinery, Nigeria has been able to revive the Port Harcourt Refinery and also the Warri Refinery. Efforts are also in place to revive the refinery in Kaduna.

Meanwhile, BUA Group is also constructing a refinery to add to what Nigeria already has.

These efforts have seen fuel price crash to N930 from N1,300 it sold for around September 2024, with experts expecting a further reduction in price due to market forces.