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Marketers fault Dangote refinery’s bad diesel allegation as concerns over sulphur continue

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The debate over the amount of sulfur in the automotive gas oil, or diesel, produced by Nigeria’s Dangote Petroleum Refinery has continued with reports that the $20 billion refinery had recently supplied high-sulfur diesel.

Despite the allegations, oil marketers have maintained that there has been no negative feedback from the direct users of the products.

“We don’t want to be involved in the politics or claims and counter-claims about Dangote diesel, but what I’m going to tell you is that no transporter, motorist, or industrial consumer has complained about the diesel since we started distributing it,” the National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, stated.

A senior Dangote Group official called the recent study on the high sulfur content in Dangote diesel “fake” and claimed it came from people who were determined to damage the refinery.

The Nigerian Midstream and Downstream Petroleum Authority had before been accused of bringing contaminated fuel into Nigeria by Aliko Dangote, the president of the Dangote Group, and a few other company representatives.

Vice President of Oil and Gas of Dangote Industries Limited, Devakumar Edwin, accused the NMDPRA of arbitrarily awarding licenses to marketers to bring filthy refined goods into the nation, even as he accused the foreign oil firms of plots to obstruct the refinery.

Edwin claims that although the Federal Government of Nigeria granted 25 licenses for the construction of refineries, only the Dangote Group fulfilled its commitment.

“The Federal Government issued 25 licences to build refineries and we are the only one that delivered on our promise. In effect, we deserve every support from the government. It is good to note that from the start of production, more than 3.5 billion litres, which represents 90 per cent of our production, have been exported. We are calling on the Federal Government and regulators to give us the necessary support to create jobs and prosperity for the nation,” Edwin had stated.

Even though Dangote was manufacturing and distributing fuel under the rules of the Economic Community of West African States, he said, “licences are being issued, in large quantities, to traders who are buying the extremely high sulphur diesel from Russia and dumping it in the Nigerian market.”

Edwin lamented, “The decision of the Nigerian Midstream and Downstream Petroleum Regulatory Authority in granting licenses indiscriminately for the importation of dirty diesel and aviation fuel has made the Dangote refinery expand into foreign markets. The refinery has recently exported diesel and aviation fuel to Europe and other parts of the world. The same industry players fought us for crashing the price of diesel and aviation fuel, but our aim, as I have said earlier, is to grow our economy.”

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Moroccan annual inflation rises to 0.8% in November

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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.

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

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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.”

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