Dangote Refinery Buys 146,000MT of Crude Oil as Marketers Move to Crash Fuel Prices with Imports

• The Dangote Refinery has received about 146,000 metric tonnes of oil from the international market
• Data shows that a vessel is scheduled to arrive at the facility with 125,000 metric tonnes of crude, while other vessels have arrived to load jet fuel from the refinery
• Meanwhile, oil marketers have continued to import refined petroleum products into Nigeria

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Dangote Refinery has received about 146,000 metric tonnes of crude oil from the international market, with vessels currently discharging the product.

Findings show that another vessel, Sienna, is scheduled to arrive with 125,000 metric tonnes of crude for refining by the mega facility.

Vessels arrive as marketers import fuel

Similarly, three vessels, including Microft, STI Mighty, and PS New Orleans, have berthed to load 10,000, 44,000, and 44,00 metric tonnes of jet fuel from the giant plant for sale in the global market.

Data shows that the tanker-tracking position indicates several vessels are scheduled to discharge various volumes of imported petrol and diesel by marketers such as Aiteo, A.A. Rano, Obat, Pinnacle, Menj, and Rainoil.

PetroleumpriceNG confirmed that the deregulation has allowed marketers to buy petroleum products from the domestic and international markets, leading to strong competition.

Dangote and NNPC to partner

The Nigerian National Petroleum Company Limited (NNPC) and the Dangote Group promised to deepen their partnership to ensure Nigeria’s energy security and promote prosperity for Nigerians.

Vanguard reports that the president of Dangote Industries, Aliko Dangote, stressed that the two oil firms are not rivals but partners, saying that the state oil firm is part of his company’s business.

Depot owners increase petrol prices

Earlier, depot owners had increased the price of petrol by as much as N10 per litre across several petroleum corridors. 

A week-on-week analysis of depot prices from May 12 to May 16 shows several adjustments, including from Dangote Petroleum refinery.

However, prices remained stable for Automotive Gas Oil (AGO), and Liquefied Petroleum Gas (LPG) declined in multiple regions, with Aviation Turbine Kerosene (ATK).

ATK stayed unchanged at N975. The upward adjustment in PMS is attributed to expected tighter supply, while the decline in AGO and LPG may signal stock rotation or competitive pricing strategies.

In the Dockyard axis, NIPCO slightly reduced petrol to N840 per litre, while LPG at Ardova dropped significantly by N25 to N925, indicating weak offtake or pre-positioning ahead of possible market recovery.

Depot owners sell fuel at new prices

Legit.ng earlier reported that the global price of crude oil crashed again, leading fuel importers to drop costs across major depots in Nigeria.

The move reflects an ongoing shift in domestic supply dynamics, as improved distribution and competitive trade now determine lower pricing, despite the global oil market downturn.

Recent reports from depot owners confirm that petrol and diesel prices are now selling at reduced rates, signalling relief for filling stations and consumers.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng