Dangote Refinery’s 500 million litre fuel storage news to us – Oil marketers

Nigerian oil marketers have voiced surprise at Aliko Dangote’s recent disclosure that the Dangote Refinery holds around 500 million litres of petrol ready for distribution.

During a meeting convened by President Bola Tinubu on Tuesday to discuss domestic crude oil and refined product sales, Dangote expressed his readiness to supply a minimum of 30 million litres daily, urging local marketers and the Nigerian National Petroleum Corporation Limited (NNPCL) to purchase locally rather than import fuel.

READ MORE: Naira for crude: Tinubu seeks stakeholders’ understanding as fuel price rises 

“We’re more than ready,” Dangote assured, calling on marketers to ease fuel queues by lifting products directly from his facility.

However, some marketers, who preferred to remain anonymous, described the announcement as perplexing. According to a leading executive, Dangote’s stock availability news was shared with the Presidency before reaching the marketers, who should have been the primary recipients of such information.

The executive noted a lack of transparency in the refinery’s dealings with the local market, remarking, “It is not just a surprise but also intriguing that the management of the refinery finds it convenient to make the disclosure of huge stock of fuel to the Presidential team and not to the marketers who are to patronise the refinery.”

READ MORE: Stop petrol importation, we’ve enough for consumption, Dangote tells marketers

Marketers have also raised concerns about an alleged rationing system despite the refinery’s substantial stock. They argue that if Dangote Refinery indeed has 500 million litres available, transparency in commercial terms is essential to support local purchasing.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) President, Abubakar Garima, revealed on Channels TV that while IPMAN members had deposited ₦40 billion to the Nigerian National Petroleum Company Limited (NNPCL), they are yet to lift any products from the Dangote refinery.

A senior commercial director of an independent marketing firm echoed similar sentiments, calling for clear pricing structures and favourable procurement terms. He highlighted that if local sourcing from the Dangote Refinery becomes competitive, even NNPCL may consider ceasing imports. “The refinery should be transparent by disclosing its commercial terms publicly,” he stated. “If the terms are more favourable than resorting to importing, I’m sure not even NNPCL will consider the importing option.”