“Our Money is Trapped”: Marketers Call Out Dangote Over Non-Supply of Paid Fuel
- Petroleum Product marketers have accused Dangote Refinery of trapping their funds after paying for fuel supply weeks prior
- They allege that the mega refinery has refused to load their trucks despite making full payment
- However, the refinery, through Vice President of Dangote Industries, Edwin Devakumar denied the claims, asking the marketers to come for loading
Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
Tension is brewing in Nigeria’s downstream oil sector as petroleum marketers accuse the Dangote Petroleum Refinery of failing to load their trucks weeks after making full payment for millions of litres of Premium Motor Spirit (PMS), also known as petrol.
According to multiple marketers who spoke on condition of anonymity, the refinery’s recent policy changes have left them stranded, despite advance payments made over two weeks ago.
Source: Getty Images
“We’ve paid for products but haven’t been allowed to load. It looks like the refinery only wants to serve select marketers,” one frustrated bulk buyer said.
“We borrowed to pay, now we’re losing Millions”
Several independent marketers said they financed their purchases through commercial bank loans and are now facing huge interest losses due to non-supply.
They alleged that the refinery recently reduced their allocations after adjusting its ex-depot (gantry) price from ₦820 to ₦877 per litre.
“Many of us borrowed heavily to pay Dangote. Now our money is trapped while they’re loading for preferred partners like Bovas and A.A. Rano,” another marketer lamented.
They warned that the delay and selective loading could drive many smaller marketers into financial distress, especially amid rising borrowing costs and fluctuating fuel prices.
Dangote Refinery denies claims
Responding to the allegations, Dangote Refinery’s Vice President, Devakumar Edwin, dismissed the claims as false.
During a recent tour of the facility, Edwin challenged marketers to bring their trucks for loading, insisting that the refinery has more than enough supply.
“Bring your tankers; we’ll load. We have over 310 million litres of PMS in our tanks, apart from daily production,” he said.
He also denied reports that fuel loading was halted due to maintenance, stating that the refinery continues to operate at full capacity.
IPMAN disagrees: “Marketers paid weeks ago”
According to a Punch report, the Independent Petroleum Marketers Association of Nigeria (IPMAN) rejected Edwin’s statement, insisting that marketers who paid weeks ago have yet to receive their products.
IPMAN’s Publicity Secretary, Chinedu Ukadike, said many trucks have been parked at the refinery for weeks without being called up.
“It’s misleading to say marketers aren’t bringing trucks. Our members have paid and are waiting. Some have been there for nearly a month,” Ukadike said.
He added that the refinery should prioritise clearing outstanding transactions before making new supply deals with select distributors.
Petrol prices surge despite stable crude, forex
Meanwhile, petrol prices across Nigeria have climbed from about ₦865 to nearly ₦1,000 per litre, even though crude oil and foreign exchange rates have remained relatively stable.
Crude oil prices currently hover around $62 per barrel, while the naira trades at ₦1,470 to the dollar, compared to ₦1,700 earlier in the year.
Despite these stabilising factors, depot owners and the Dangote refinery recently raised petrol prices, triggering a ripple effect across the retail market.
Filling stations owned by NNPCL Retail, MRS, and Heyden now sell petrol between ₦923 and ₦928 per litre, with independent outlets adjusting accordingly.
Source: UGC
The refinery’s latest gantry price increase to ₦870 per litre has only deepened confusion among consumers, and intensified questions about transparency in Nigeria’s evolving fuel market.
Dangote plans world’s largest refinery
Legit.ng earlier reported that The chairman of the Dangote Group, Aliko Dangote, has unveiled an ambitious plan to double the size of the refinery from 650,000 capacity to 1.4 million barrels per day, becoming the world’s largest.
The Nigerian billionaire disclosed this in an interview with S&P Global recently.
Legit.ng previously reported that the refinery planned to upgrade the facility to 700,000 barrels per day, the world’s sixth largest.
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Source: Legit.ng
