Emmanuel OchayiThe Dangote Petroleum Refinery has confirmed its commitment to supply fuel to over 150,000 retail outlets operated by the Independent Petroleum Marketers Association of Nigeria (IPMAN).
Following a successful meeting between IPMAN executives and the refinery’s management, President Abubakar Maigandi disclosed that Dangote had agreed to provide products to the association’s extensive network of more than 30,000 members.
This announcement follows registrations by seven major oil marketers, including 11 Plc, Conoil Plc, and Total Nigeria Plc, to lift and distribute refined petroleum products from the $20 billion Dangote plant.
The Major Oil Marketers Association of Nigeria affirmed their readiness pending finalization of commercial terms.
President Maigandi expressed optimism regarding the refinery’s production, stating, “There is hope since they have started production. Immediately when they finish production, the next thing is to sell.” The refinery, having commenced production of Automotive Gas Oil and JetA1, aims to address fuel scarcity concerns.
While the meeting outcome did not delve into pricing specifics, Maigandi hinted at favorable pricing, stating, “The price is going to be a little bit lower than what we have been selling.” The Dangote refinery, set to alleviate fuel supply challenges, is poised to contribute significantly to Nigeria’s energy landscape.
Despite the positive developments, regulatory approval is pending, with officials from the Federal Ministry of Petroleum Resources examining the refined products before market release. Aliko Dangote, President of Dangote Group, anticipates market entry within the month, pending regulatory green lights.
The Dangote Petroleum Refinery, a colossal 650,000 barrels per day crude oil refinery, stands as a transformative industrial project, promising to redefine Nigeria’s energy sector.
As the regulator scrutinizes the products, expectations are high for the refinery to emerge as a game-changer, marking a crucial milestone for the nation.
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