The Dangote Oil Refinery has enough fuel, with 500 million liters of petrol in storage, to meet Nigeria’s demand, according to billionaire founder Aliko Dangote. Dangote made this assertion to counter local fuel marketers’ claims that the refinery cannot meet the nation’s demands, thereby leading to fuel shortages. He clarified that his refinery does not sell petrol at retail and is not responsible for shortages. Dangote urged the state-owned Nigerian National Petroleum Corporation (NNPC) and fuel marketers to stop importing fuel from abroad and instead purchase from his refinery. The billionaire’s words came after a meeting with Nigeria’s President Bola Tinubu, oil regulators, and the NNPC, to discuss policies encouraging crude sales to the refinery in naira. The move, which remains in place, is aimed at reducing foreign exchange pressure on the country and securing sufficient crude for the operation of the 650,000-barrel-per-day refinery.
SOURCE: CNBC AFRICA
