Oil marketers Begin Loading Petroleum Products from Dangote Refinery

April 2, 2024

1.4 min readCategories: News

 

By Miracle Ogunde

Oil marketers in Nigeria have begun to load petroleum products from the Dangote Refinery.

According to reports, the petrol products being loaded from the refinery are diesel and aviation jet fuel.

The head of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi revealed to newsmen that local oil marketers set the price at N1,225 ($0.96) per litre for diesel after securing a bulk purchase agreement, before adding their markup.

The association’s members control about 150,000 retail stations across Nigeria, Maigandi said.

The smaller Depots and Petroleum Products Marketers Association of Nigeria said its members were seeking letters of credit to buy petroleum products from Dangote.

“Our members are discussing with banks and these talks have reached advanced stages. When we have our letters of credit, we will begin lifting products,” Femi Adewole, the association’s executive secretary, said.

An executive from the company and various fuel marketing organisations told Reuters that oil marketers load diesel from the refinery, an important step in Nigeria’s drive for energy independence.

In addition, Devakumar Edwin, a group executive at Dangote, confirmed that the company has begun distributing diesel and jet fuel to the local market.

“We have substantial quantities. Products are being evacuated both by sea and road. Ships are lining up one after another to load diesel and aviation jet fuel. Ships load a minimum of 26 million litres, though we try to push for 37 million litre vessels for ease of operations,” Edwin said.

The Dangote Refinery had earlier fixed January to commence domestic supply of petrol products.

In May 2023, former President Muhammadu Buhari inaugurated the 650,000 barrels per day Dangote Refinery worth $20 billion.

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