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Marketers receive first batch of diesel as Nigeria’s Dangote refinery commences sale

Published

9 months ago

April 3, 2024

Nigeria’s $20bn Dangote refinery, inaugurated in May last year by former President Muhammadu Buhari, has begun the sale of Automotive Gas Oil, popularly called diesel, to oil marketers nationwide.

The refinery started selling diesel last week, according to dealers and facility officials confirmed this on Tuesday. Nigeria has long been dependent on costly imports to supply almost all of its fuel needs, but the $20 billion refinery is expected to change that, potentially shifting the industry’s power and profit dynamics to the point where Nigeria becomes a net exporter of fuel to other West African nations.

“They started pumping out diesel to marketers last week. They also promised to sell aviation fuel soon. Some of my members confirmed this to me after making a purchase,” the National President, of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, told our correspondent.

He predicted that Dangote’s action would cause the price of fuel to plummet, given that it had just reached a peak of almost N1,700 per litre. The surge in the price has led to a high cost of living with the effect of high production costs as Nigerian manufacturing industries largely depend on alternate sources of electricity, powering their power plants mostly with diesel.

“The price of diesel is going to fall because of the release of products from Dangote Refinery. It is already coming down in Lagos,” Maigandi stated.

Senior management of the company acknowledged that diesel was being sold to marketers, adding that Premium Motor Spirit, will soon be available for purchase.

The Dangote Refinery has encountered numerous obstacles in its efforts to supply refined products to the market. Built by the richest man in Africa, Aliko Dangote, the refinery has the greatest nameplate capacity of any refinery in Africa and is situated on a peninsula close to the outskirts of Lagos, the commercial hub of the continent.

Related Topics:DANGOTE REFINERY DIESEL Featured Nigeria

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

14 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”