Home Business Dangote’s refinery ready to meet Nigeria’s fuel needs, chairman assures

Dangote’s refinery ready to meet Nigeria’s fuel needs, chairman assures

Dangote Refinery petrol purchase challenges
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Dangote confirms his refinery’s capacity to meet Nigeria’s fuel demand, urging NNPC and marketers to source locally for uninterrupted supply.

 

Aliko Dangote, Chairman of the Dangote Group, announced that the Dangote Refinery has sufficient production capacity and stock reserves to satisfy Nigeria’s energy demands.

His remarks followed a private meeting on Tuesday with President Bola Ahmed Tinubu, during which he encouraged petroleum marketers and the Nigerian National Petroleum Company Limited (NNPCL) to procure fuel directly from his refinery to support local supply.

 

Also read: NNPCL buys fuel at N898 per litre from Dangote Refinery

 

Dangote explained that the refinery, operating at full capacity, can produce over 30 million litres of fuel daily.

Currently, the facility holds a reserve of 500 million litres, providing more than 12 days of supply without requiring imports.

“We’re more than ready,” he affirmed to State House correspondents, adding that the refinery’s production could alleviate Nigeria’s fuel needs significantly.

Addressing the ongoing fuel scarcity across Nigeria, Dangote emphasised the role of marketers, saying, “We are producers. I have a refinery. I’m not in the business of retail.

If I’m in the business of retail, then, you hold me responsible.” He urged NNPC and marketers to collect fuel directly from the refinery, stating,

“So, I am expecting either NNPC or the marketers to stop importing; they should come and pick because we have what they need. And you know, as they move, I will be pumping.”

Dangote highlighted the costs of maintaining such a vast reserve, emphasising the financial burden on the refinery.

“I don’t know whether you understand what it takes to keep a billion litres inside our tank.

It’s costing me money every day. If I can collect the naira, I can charge somebody 32% in interest. So right now, that’s what I’m losing.”

In conclusion, Dangote underscored his readiness to collaborate with marketers and government bodies to stabilise Nigeria’s fuel supply chain, stressing that prompt action by the retailers would resolve the queues at filling stations nationwide.

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