IPMAN Questions Dangote's 500m fuel stock claim

Wednesday, October 30, 2024 - Abubakar Maigandi, the National President of the Independent Petroleum Marketers Association of Nigeria, has questioned the assertion made by Aliko Dangote, President of the Dangote Group, that the 650,000 barrels per day refinery currently holds 500 million liters of premium motor spirit, commonly known as petrol, ready for distribution to Nigerians.

Maigandi said this is because its members drafted in by Nigerian National Petroleum Company Limited to pick up products on its behalf, couldn’t load petrol from the Refinery in Lagos for four days.

He also stated that oil marketers have not been able to pick products from the refinery despite having paid N40bn to the NNPCL.

Maigandi said this when he appeared on ChannelsTv Sunrise Daily on Wednesday.

On Tuesday, Dangote urged petroleum marketers, including the Nigerian National Petroleum Company Limited, to source petrol directly from his refinery to meet local demand.

He stated that the refinery can produce over 30 million litres of fuel daily at full capacity and currently holds 500 million litres in reserve, enough to supply the country for over 12 days without imports.

He confirmed the refinery’s readiness to supply fuel after closed-door talks with President Bola Tinubu at the Aso Rock Villa, Abuja.

“We’re more than ready,” Dangote assured State House Correspondents, adding that the refinery’s production capacity could offset Nigeria’s fuel needs significantly.

“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,” he added.

The IPMAN leader, reacting to this, expressed surprise that the refinery currently possesses a stock of fuel products sufficient to meet the nation’s needs for a full 12 days.

He also expressed surprise that the owner of the $20bn refinery said marketers were boycotting his refinery to buy imported petrol.

Maigandi said, “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. 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.”