Following a recent meeting between the management of Dangote Petroleum Refinery and executives of the Independent Petroleum Marketers Association of Nigeria (IPMAN), it has been disclosed that the refinery plans to supply fuel to approximately 150,000 retail outlets operated by IPMAN across the country.
The meeting, which was eagerly anticipated by IPMAN, took place last week as reported by The PUNCH. President of IPMAN, Abubakar Maigandi, confirmed that the association successfully engaged with the refinery’s management, securing an agreement for the supply of petroleum products to over 30,000 IPMAN members.
Meanwhile, regulatory authorities in the downstream oil sector are currently examining the refined products from the Dangote Refinery before granting approval for the distribution of fuel to the market. The refinery has already attracted interest from 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.
On January 12, 2024, the Dangote Petroleum Refinery announced the commencement of the production of Automotive Gas Oil (diesel) and JetA1 (aviation fuel). IPMAN’s president expressed optimism about the supply, stating that once approval is granted, the refinery can start selling its products, potentially alleviating fuel scarcity concerns.
Although specific details regarding pricing were not discussed during the meeting, Maigandi mentioned that the prices would likely be slightly lower than current market rates. The Dangote Refinery, a significant industrial project located in Lagos, is capable of refining 650,000 barrels of crude oil per day and aims to cover an extensive network of 150,000 retail outlets nationwide.
As the regulatory process unfolds, the refinery, spearheaded by Aliko Dangote, awaits the necessary approvals to release its products into the market. Despite the ongoing process, Dangote expressed satisfaction with reaching this milestone, emphasizing the project’s significance for Nigeria. In May 2023, former President Muhammadu Buhari inaugurated the Dangote Refinery, marking a pivotal moment in the country’s industrial development.