Dangote claims that NNPCL and retailers are boycotting Petrol.

According to Aliko Dangote, chairman of the Dangote Refinery, his facility has enough gasoline on hand to end fuel lines for up to 12 days.

Following President Bola Tinubu’s meeting with members of the local currency implementation committee for the sale of crude oil and refined products, which is chaired by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, he made this statement in response to inquiries from State House correspondents.

According to Dangote, the Lagos refinery can generate more than 30 million liters of gasoline per day, depending on demand from local retailers and the Nigerian National Petroleum Company (NNPC).

We currently have 500 million liters in our tanks. This stock can support the nation for more than 12 years even in the absence of imports or production.

days. We are more than prepared to increase production as necessary and provide at least 30 million liters per day,” he stated.

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Fuel lines still exist in Nigeria’s major cities despite these guarantees, which irritates the populace. Dangote clarified that his function as a producer does not include retail when questioned about the disparity between his statements and the situation on the streets. “Retail is not my line of work. You could hold me responsible if I was. The fuel we have on hand has to be picked up by retailers. We have what they require. There won’t be any lines at filling stations if they come and get the fuel. Keeping fuel costs me money every day. within our tanks,” he declared.

The businessman was confident that the current shortages would be greatly reduced if stores were prepared to purchase fuel from his refinery. “I see no reason why they wouldn’t come and collect our product for distribution if they have been able to import 55 million liters,” he stated.

After what he called a fruitful conversation with President Tinubu about the future of Nigeria’s gasoline supply, Dangote voiced hope. He emphasized the significance of the talks, which focused on using a market-determined exchange rate for petroleum products and crude oil.

“You heard the remarks made by the chairman of the committee on petroleum products, crude oil, and naira. After a productive meeting, we decided that NNPC would purchase crude only similar to any other marketer. “This is a big step forward,” he stated.

About 300,000 barrels of crude oil have been allotted to Trigo Refining and Petrochemical Company, according to Dangote, for the manufacturing of liquefied petroleum gas (LPG), gasoline, aviation fuel, and other petroleum products. The function of Afrexim as a settlement bank between Dangote and NNPC, which enables more seamless transactions in the crude oil market, was also discussed at the meeting, he said. “This initiative will revitalize a variety of industries, including plastics and aviation,” he said.

Dangote admitted that current consumption levels may change due to increased prices, but he nevertheless expressed confidence in the refinery’s ability to supply local demand. As our capacity increases to roughly 420,000 barrels per day, we will have the ability to to completely satisfy the market,” he clarified.

Edun previously gave President Tinubu an update on the implementation of a plan to sell crude oil to regional refiners in naira, based on their meeting.

“The initiative enables local refiners to buy crude oil and sell their products to the Nigerian public in naira,” he said. Establishing market pricing for petroleum products is what we have accomplished. This puts our economy on the route to industrialization, especially when combined with market pricing for foreign exchange.

Edun voiced confidence in Nigeria’s path toward industrial development, even though he acknowledged that there are still obstacles to overcome. “We now see a clear path toward modernizing our economy, even though it’s early days and much work remains,” he said.

In the meantime, yesterday the NNPCL raised the Premium Motor Spirit (PMS) pump prices range from N998 to N1,025. The hike, which is effective immediately throughout its whole retail location, amounts to a N27 per liter rise.

The most recent increase supports the Daily Sun’s exclusive news from Monday that fuel marketers have agreed to evaluate gasoline price increases once a week. On October 9, 2024, NNPC Retail raised the price of gasoline at the pump from N855 per liter, which was established in September, to N988.

The recent spike has angered drivers, who claim the government is making life intolerable for the typical Nigerian. Drivers, primarily commercial bus drivers, claimed in separate interviews with the Daily Sun that the weekly fluctuations in gas prices are reducing their profit margins.

The Association of Nigerian In a recent statement, the Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) expressed alarm about the growing prices of gas at the pump in Lagos and Abuja, cautioning that this might set off a chain reaction of economic hardship throughout the nation.

The costs, which have increased to N998 and N1,030 per litre, respectively, are putting strain on households and businesses across the country, according to a statement issued by Mr. Dele Oye, national president of NACCIMA. He cautioned that the price increase may increase the cost of transportation, exacerbate inflation, and have a major impact on small and medium-sized businesses.

Oye emphasized that a comprehensive evaluation of the economic effects is necessary, particularly with regard to the costs of goods, services, and transportation.

Since fuel prices directly affect transportation costs, this increase will act as a trigger for Concerned about the rising cost of gas in Lagos and Abuja, the Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) recently issued a statement warning that this might set off a chain reaction of economic suffering throughout the nation.

According to a statement issued by Mr. Dele Oye, national president of NACCIMA, the prices, which have increased to N998 and N1,030 per liter, respectively, are putting strain on households and businesses across the country. He cautioned that the price increase might have a major impact on small and medium-sized businesses, increase transportation expenses, and exacerbate inflation.

Oye emphasized the importance of conducting a comprehensive analysis of the economic effects, particularly with regard to the costs of goods, services, and transportation.

Due to the strong correlation between gasoline prices and transportation costs, this increase will act as a catalyst for increased freight costs. The increase in petrol prices will worsen Nigeria’s already high inflation rate because gasoline is a major contributor to inflation. A vicious circle of growing expenses and financial difficulty will result from households having to pay more for everyday items and services in addition to fuel. Micro and nano enterprises, many of which rely largely on gasoline generators to power their operations, will be significantly impacted by the recent spike in fuel prices, he said.