Aliko Dangote, the Chairman of Dangote Group, has called on petroleum marketers, including the Nigerian National Petroleum Company Limited (NNPC), to buy petrol directly from his refinery.
He made this request during a meeting with President Bola Tinubu at the Aso Rock Villa, Abuja.
Dangote stated that his refinery can produce over 30 million litres of fuel each day and currently holds 500 million litres in reserve, enough to supply Nigeria for more than 12 days without any imports. He assured reporters that they are ready to meet local fuel needs.
This meeting follows a report from the Nigerian Ports Authority, which noted that a vessel carrying 20,115,000 litres of petrol is expected to arrive at Tincan Island Port in Lagos on Wednesday, October 30, 2024.
Dangote highlighted the ongoing fuel shortages in major cities like Lagos and Abuja, where prices have surged above N1,000 per litre, leading to long queues at petrol stations. He emphasized that he is not in the retail business and urged marketers to come and collect the fuel they need from his refinery to alleviate the supply issues.
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“We’re more than ready. If they come and collect then you will not see any queues in the filling stations,” he explained.
The Nigerian government recently approved a policy allowing crude oil trading in local currency and plans to allocate 445,000 barrels a day for domestic use, starting with the Dangote Refinery. This move aims to stabilize the oil market and improve the financial standing of NNPC, allowing more funds for public services.
In the meeting, Dangote indicated that future petroleum transactions will use a market-driven exchange rate. This aligns with the government’s goal of supporting the private sector in Nigeria’s oil industry, which is essential for economic growth and job creation.
The Nigerian Ports Authority also reported that several vessels are arriving at the ports with various consignments, including a vessel carrying 26,820,000 litres of diesel, which has already arrived and is currently discharging.
