Dangote Tells NNPC and Oil Marketers to Patronize His Refinery, Shares Disappointment

• Dangote appealed to NNPC Limited and marketers to purchase oil from its refinery as there is sufficient supply
• He stated that the refinery currently has a large amount of product in storage and that storing it is very costly.
• Nigeria currently operates a liberalized oil market that allows marketers to buy from Dangote or abroad

legit.ng Journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of Nigeria. economystocks and general market trends.

Aliko DangoteThe CEO of Dangote Refinery has called on the Nigerian National Petroleum Corporation Limited (NNPCL) and fuel marketers to patronize its products.

According to him, the refinery has enough product to meet the fuel shortage in the country and there is no need for constant fuel imports.

Dangote disclosed this in the State House on Tuesday, October 29, 2024, after a meeting with President Bola Ahmed. Tinubu.

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Nigeria’s richest man highlights refinery capacity supply local demand However, he stated that marketers did not collect the available fuel from the facility. Leadership reports.

His words:

“We are producers. I have a refinery; I’m not in the retail business. If I were, you’d hold me responsible for distribution.

“But in the current situation, retailers need to step forward and collect the products we have in stock. It is costly for us to keep millions of liters in our tanks.”

Dangote confirms oil availability

Dangote also expressed disappointment over the financial impact of storing excess fuel at the refinery, saying:

“Every day that fuel sits idle in storage, I incur losses that I could otherwise reinvest. I am currently losing interest equivalent to 32% on the value of that fuel due to delays in distribution.

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” government and marketers “We must use our local supply to avoid queues at gas stations.”

Dangote called on NNPC and other stakeholders to supply oil from his facility.

He added:

“If they already distribute imported fuel, they can easily do the same with ours.

“We have the infrastructure where they can come and install the product. Once they get the fuel, they can handle distribution as usual.”

Marketers import oil from abroad

Before, legit.ng reported this Oil Marketers expect fuel shipments of 42 million liters next week to fill the supply gap.

Marketers believe the new imports will help support production at Dangote Refinery and prevent shortages.

Nigerians may see further variations in gas pump prices at fuel stations depending on the landing cost.

Source: Legit.ng