Dangote Refinery to Sell Fuel in Oil marketers have clarified that the much-anticipated petroleum products from the Dangote Refinery will be sold in naira and not in US dollars, putting an end to previous speculations. The downstream oil sector dealers emphasized that the registration process for marketers at the refinery is still ongoing.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reportedly held discussions with the refinery management to establish the pricing template for products originating from the $20 billion refinery. This move comes as the facility gears up for the distribution of its refined petroleum products.
The Dangote Refinery officially commenced the production of diesel and aviation fuel on January 12, 2024. Aliko Dangote, the President of the Dangote Group, expressed his satisfaction, stating that the refinery’s achievement is a significant milestone for the country.
“This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. This is a game changer for our country, and I am very fulfilled with the actualization of this project,” remarked Aliko Dangote.
Seven major oil marketers in Nigeria, including 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy Marketing Limited, Total Nigeria Plc, and NNPC Retail, have reportedly registered with the facility for the lifting and distribution of the refined petroleum products.
Furthermore, the Dangote Refinery is set to supply fuel to approximately 150,000 retailers operated by members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) following a meeting between the refinery management and IPMAN executives.
Eterna Plc, one of Nigeria’s energy providers, recently announced that it has become an authorized distributor of the new Dangote Petroleum Refinery’s products in the domestic market. This move reinforces Eterna’s commitment to enhancing product supply with significant investments in trucking, including truck acquisition and strategic partnerships with third-party transport.
As the refinery inches closer to full-scale operations, it continues to gain attention not only for its substantial impact on the country’s energy landscape but also for the positive reverberations in the financial market. Investors, including Aliko Dangote, have witnessed notable gains, with Dangote’s net worth reportedly surging by $2 billion in just 17 days following the commencement of diesel and aviation fuel production at the $20 billion facility.
