Marketers Eager to Lift Petrol From Dangote Refinery as Importation is Set to End in June

Marketers Eager to Lift Petrol From Dangote Refinery as Importation is Set to End in June

  • Oil marketers are prepared to begin lifting petrol from the Dangote Refinery within the next few weeks
  • The IPMAN vice chairman highlighted that the refinery will end fuel scarcity in Nigeria by eliminating the need for imports
  • He also noted that the refinery is capable of supplying fuel to both Nigeria and other West African countries

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.

The Independent Marketers Association of Nigeria (IPMAN) have shown keen interest in beginning to lift petrol from the Dangote Refinery in the next few weeks.

Aliko Dangote, Chairman of the Dangote Group, announced that once the refinery commences sales in June, Nigeria will cease importing petrol.

Dangote Refinery ends fuel imports in June
IPMAN mentioned that the Dangote Refinery has the capacity to supply fuel not only to Nigeria but also to other West African countries. Photo credit - Dangote Group, TVC News
Source: UGC

He confirmed that, according to the refinery's established plans, the country will stop needing petrol imports starting next month.

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Dangote mentioned that his refinery is capable of fulfilling the petrol and diesel requirements of West Africa, along with meeting the aviation fuel demands of the continent.

Marketers seek bulk supply of product

According to Punch, Hammed Fashola, the National Vice President of IPMAN, stated that the Dangote Refinery can supply fuel to Nigeria and the broader West African region.

The IPMAN leader said:

“We are all waiting, we are eager for the commencement of the lifting on petroleum products from Dangote refinery, especially petrol.”

When questioned about the possibility of a price reduction similar to the one that occurred when the refinery began selling diesel, Fashola responded that prices might not return to the previous N200 per litre seen before the removal of fuel subsidies.

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However, he did anticipate a marginal decrease. He emphasized that the private refinery would eliminate fuel scarcity in Nigeria, as the product would no longer need to be imported.

Fashola mentioned that IPMAN has not yet finalized an agreement with the Dangote refinery regarding the supply of premium motor spirit.

He urged the company to collaborate directly with the association rather than with individual marketers.

Fashola highlighted that IPMAN, which controls over 80% of the filling stations in Nigeria, should be Dangote's preferred partner.

Dangote Refinery to become major supplier

Dangote's Refinery, with a capacity of 650,000 barrels per day, has been seeking crude supplies from the United States due to Nigeria's challenges in increasing production.

Once fully operational, this refinery is poised to be the largest in Africa and Europe. It has already begun selling diesel and aviation fuel, though its petrol has not yet been released to the market.

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In January, the Dangote Group announced the registration of oil marketers as official distributors, including the Depot and Petroleum Products Association of Nigeria (PETROBAN), Major Oil Marketers Association of Nigeria (MOMAN), and the Independent Association Petroleum Marketers Association of Nigeria (IPMAN).

Dangote Refinery secures oil supply from TotalEnergies

In related news, Legit.ng reported that TotalEnergies has finalised an agreement to supply the Dangote Refinery with crude oil.

This announcement followed a meeting between the leading French energy company and Aliko Dangote, Africa's wealthiest individual.

Patrick Pouyanne, CEO of Dangote Refinery, shared at the Africa CEO Forum in Kigali, Rwanda, that the two executives have progressed toward finalising the deal.

Source: Legit.ng

Authors:
Victor Enengedi avatar

Victor Enengedi (Business HOD) Victor Enengedi is a trained journalist with over a decade of experience in both print and online media platforms. He holds a degree in History and Diplomatic Studies from Olabisi Onabanjo University, Ogun State. An AFP-certified journalist, he functions as the Head of the Business Desk at Legit. He has also worked as Head of Editorial Operations at Nairametrics. He can be reached via victor.enengedi@corp.legit.ng and +2348063274521.

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