Fuel Scarcity: Retailers Ignoring Over 500 Million Litres Of Fuel From Our Refinery – Dangote Laments

October 30th, 2024



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Ghana To Import Petroleum Products From Dangote Refinery

Fuel Scarcity: Retailers Ignoring Over 500 Million Litres Of Fuel From Our Refinery – Dangote Laments

Aliko Dangote, Chairman of the Dangote Group, has criticized retailers for contributing to the ongoing fuel shortage in Nigeria. Despite over 500 million liters of fuel being stored in his tank farm and ready for distribution, Dangote revealed that retailers have not come forward to collect the fuel. This, he argues, is a major factor behind the persistent scarcity.

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Dangote made these allegations on Tuesday after a meeting between key stakeholders in the oil and gas sector and President Bola Tinubu, aimed at addressing the fuel scarcity despite increased prices. He emphasized the capabilities of his refinery, which can produce more than 30 million liters of fuel daily. However, due to not being involved in retailing, these products are not reaching the people who need them.

He expressed frustration over running at a loss because of the vast amounts of fuel stored in tanks, while Nigerians face shortages. Speaking to State House Correspondents post-meeting, Dangote stated, “Yes, we have enough supply of crude; we can actually produce much more than 30 million liters every day. At full capacity, we can even supply whatever is being consumed. But what I estimated as consumption, which I believe may be about 30, 32 million—that we can even start producing by next week.” This highlights the need for retailers to play their part in alleviating the fuel crisis.

 

“It is not really an issue, because, as we speak today, we have 500 million liters, you know, in our tanks. So 500 million liters 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.

“So we are very ready. We are more than ready. And you know, I’m also putting my own name on the line by giving Mr President my word that, yes, we will be able to supply the market a minimum 30 million litres per day, and we’ll be ramping up. So we’re ready. We’re more than ready”.

But when asked about the rationality of having millions of litres of fuel products in his tank farm that can last for 12 days but the common man on the street has no access to the product easily, Dangote burst out saying, “Well, you know on the streets, one thing that you have to understand is that we are producers.

“I have a refinery. I’m not in the business of retail. If I’m in the business of retail then you hold me responsible. But what I’m saying is that the retailers should please come forward and pick, if they don’t, come forward and pick, what do you want me to do? That’s something that I can do. So I don’t expect either NNPC or the marketers to stop importing, they should come and pick because we have what they need.

“And you know, as they remove, I will be pumping. I don’t know whether you understand what it takes to keep half a billion litres inside our tank. It’s costing me money every day. If I will be able to collect the naira, I can actually charge somebody 32% in interest. So right now, that’s what I’m losing. And you are talking about 500 million, you know, I mean, we don’t print money. But the issue is that if they come and collect then you will not see any queues in the filling stations.

“We have what it takes for them to come and collect. We are not retailers. We also don’t have trucks to send. We have a factory, we have where they can load. If they come and pick the ones…and they have been doing that with importation. So if they’ve been doing that with importation, if it’s true, they are doing 55 million, I see no reason why they won’t come and collect our own and distribute”.



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