IPMAN questions Dangote’s claim of 500 million litres of fuel stock

The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, has raised concerns over Aliko Dangote’s assertion that his 650,000 barrels per day refinery has 500 million litres of premium motor spirit (PMS) in stock for distribution to Nigerians.

Maigandi expressed scepticism during an appearance on ChannelsTV’s Sunrise Daily, stating that members of IPMAN who were contracted by the Nigerian National Petroleum Company Limited (NNPCL) to collect products from the refinery were unable to load petrol for four consecutive days.

He pointed out that oil marketers have not successfully picked up products from the refinery, despite having already paid N40 billion to the NNPCL.

“If he (Dangote) can be able to sell the product to us directly, we can buy the product because we have to pay before we pick,” Maigandi said. “Presently, we have N40bn under the NNPCL custody but we cannot source the product.

“Just recently, there are some of my marketers that NNPCL sent to load in Dangote refinery, and those marketers stayed with their trucks for four days, and they cannot load. So I was surprised when Dangote said he has over 500 million litres of PMS. We are ready to buy the product from Dangote if he is ready to sell it to us directly.”

On Tuesday, Dangote called on petroleum marketers and the NNPCL to source petrol directly from his refinery to meet local demand. He said that the refinery is capable of producing over 30 million litres of fuel daily at full capacity and currently holds 500 million litres in reserve, sufficient to supply the country for over 12 days without any imports.

Dangote made the comments after closed-door discussions with President Bola Tinubu at the Aso Rock Villa in Abuja. He reassured reporters, saying: “It is not an issue because, as we speak today, we have 500 million litres, you know, in our tanks.

“So 500 million litres in our tanks even if there’s no production from anybody or no imports. This will take the country more than 12 days, you know, with no imports, with no production, nothing.”

Maigandi, however, expressed astonishment at Dangote’s claim of having such a substantial fuel stock. He questioned why the owner of the $20 billion refinery would suggest that marketers are avoiding his facility in favour of importing petrol.

The IPMAN leader noted the ongoing challenges faced by independent marketers, revealing that some members sent by the NNPCL to load fuel at the Dangote refinery had to wait for four days without success.

Maigandi suggested that instead of routing fuel sales through the NNPCL, Dangote should directly register independent petroleum marketers to streamline the loading process, allowing for more efficient access to the product.