Dangote Refinery has Adequate Petrol in Storage to Meet Demand

SEATTLE (Oil Monster): About 500 million liters of gasoline are in storage at Nigeria's Dangote Refinery, which is enough to meet the nation's fuel needs. The explanation follows assertions by marketers that in order to meet fuel shortages, imports must be increased to supplement Dangote supplies.

Aliko Dangote, the founder, made the remarks following a meeting called by President Bola Tinubu of the nation, which was also attended by the finance minister, the head of the state-owned NNPC, and oil regulators. The previous ruling permitting NNPC to sell crude oil to the refinery in local currency was reviewed at the meeting. Dangote pointed out that the refinery is not to blame for the nation's gasoline shortages.

Dangote advised traders and the NNPC to cease importing and instead buy directly from the refinery. It is anticipated that Nigeria would totally cease importing petroleum products once the Dangote refinery reaches its maximum capacity.

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In the meantime, President Tinubu instructed all parties involved to concentrate on making sure there is enough gasoline available for domestic use in order to lower imports. Additionally, he stated that the main settlement bank for naira pricing of all crude and processed goods must be Afreximbank.

The plan to sell crude in naira was approved at the meeting. Furthermore, the government will not interfere with the oil industry's exchange rate determination.