“Retailers should please come forward… I have half a billion litres of petrol—it’s costing me a lot of money “- Dangote laments
Oredola Adeola
Alhaji Aliko Dangote, President and CEO of Dangote Group, has urged the Nigerian National Petroleum Company Ltd (NNPC) and petroleum marketers to discontinue petrol imports.
He emphasized that with over 500 million litres of fuel in reserve, following the supply of 400 million litres to the economy, there is no reason for marketers not to lift products from his refinery for nationwide distribution.
Dangote made this call on Tuesday during a press briefing with journalists on the sidelines of President Bola Ahmed Tinubu’s meeting with the Implementation Committee on Naira-based sales of crude oil and refined products, Afreximbank, NNPC, and other stakeholders at the State House in Abuja.
He further stressed that with Nigeria’s daily fuel consumption at 55 million litres, it is essential for the NNPC and petroleum products marketers to collect products from his refinery to meet demand and stabilize supply across the country.
He revealed that his refinery has more than 500 million litres of fuel in reserve after supplying 400 million to the economy.
Dangote said, “As a producer of refined products, I am not in the business retail.
“If I were involved in retail, Nigerians could hold me accountable, but what I am saying is the retailers should please come forward and pick products. If they don’t, there’s nothing I can do about it.
“I am expecting either the NNPC or the marketers to stop importing and start collecting products from my refinery.
“We have all what they need, as they remove, I will be pumping more.
“You may not fully understand what it takes to store half a billion litres of petrol—it’s costing me a lot.
If I could sell and receive the Naira equivalent of the product, I could generate about 32% interest daily.
“Right now, I am incurring significant losses. You’re talking about N500 billion, but the issue is simple—if marketers and NNPC lift the products from my refinery, the fuel queues across the country will disappear.
“We have what it takes for them to collect, we are not retailers, e also don’t have trucks to sell, we have a factory where they can load. If they come they will pick product and distribute.
“They’ve been importing the same volumes, and if it’s true that Nigeria’s domestic consumption of petrol is 55 million litres daily, I see no reason why marketers aren’t collecting from my refinery and distributing it across the country.
“Our refinery is also ready to collaborate with other refineries managed by NNPC Ltd to meet the estimated 32 million litres needed to cover local demand.”
