…… says over 500m litres in refinery
..Fuel Queues To Disappear If Marketers Patronise Us
….FG increases petrol price to N1,025 per litre despite falling crude prices
The Chairman of Dangote Refinery, Aliko Dangote, has told the Nigeria National Petroleum Company Limited, NNPCL, and other importers to stop importing fuel products as there is over 500 million litres in the tank.
Dangote said there is no need for fuel queues in the country if marketers are allowed by the regulators to come to the refinery to buy the products
He further said that if the Dangote Refinery is supplied with enough crude, it has the capacity to produce more than 30 million litres a day.
Speaking to State House correspondents after meeting with President Bola Tinubu on the persistent fuel queues in the country, he said: “Yes, with enough supply of crude, we can actually produce much more than 30 million liters every day.
“At full capacity, we can even supply whatever is being consumed. But what I estimated as consumption, which, I believe, maybe about 30, 32 million; that one we can even start producing by next week. So it is not really an issue, because, as we speak today, we have 500 million liters in our tanks.
“So 500 million liters in our tanks; even if there’s no production or no imports, this will take the country more than 12 days. So we are very ready. We are more than ready.
“And you know, I’m also putting my own name on the line by giving Mr President my word that, yes, we will be able to supply the market a minimum 30 million per day, and we’ll be ramping up. So we’re ready. We’re more than ready.”
Reminded that the reality on the ground does not show that Dangote Refinery has enough fuel that would last for 12 days, because there is scarcity of the product, he said: “Well, one thing that you have to understand is that we are producers.
“I have a refinery. I’m not in the business of retail. If I’m in the business of retail then you hold me responsible. But what I’m saying is that the retailers should please come forward and pick.
“If they don’t, come forward and pick, what do you want me to do? So, I am expecting either NNPC or the marketers to stop importing, they should come and pick because we have what they need.
“And you know, as they removed, I will be pumping. I don’t know whether you understand what it takes to keep half a billion liters inside our tank. It’s costing me money every day.
“If I will be able to collect the naira, I can actually charge somebody 32% in interest. So right now, that’s what I’m losing. And you are talking about 500 million, I mean, we don’t print money. But the issue is that if they come and collect, then you will not see any queues in the filling stations.
“We have what it takes for them to come and collect. We are not retailers. We also don’t have trucks to send. We have a factory, we have where they can load.
“If they come and pick they will go and sell and they have been doing that with importation. So if they’ve been doing that with importation, if it’s true, they are doing 55 million, I see no reason why they won’t come and collect our own and distribute.”
Again, FG increases petrol price to N1,025 per litre despite falling crude prices
Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) has raised the price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,025 per litre from the previous rate of N980 per litre in Lagos and surrounding areas.
This adjustment, announced on Tuesday, marks the third price change in September and October 2024 and is part of the government’s deregulation policy, which allows prices to fluctuate based on supply and demand dynamics.
Despite the recent increase, analysts express confusion over this move, especially since crude oil prices in the international market have dropped approximately 8% to $72 per barrel from $78 per barrel. Additionally, reports from Abuja indicate that petrol prices there have surged to N1,060 per litre.
Interestingly, many NNPCL filling stations quickly updated their prices, while other operators remained unaware of the change and continued selling at the older rate. The ongoing depreciation of the Naira, which stands at N1,664 per dollar, continues to impact fuel pricing in the country
