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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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Ghanaian cocoa farmers stockpile beans ahead of price rise

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According to industry sources cited by Reuters, cocoa farmers in Ghana, the world’s second-largest producer, are stockpiling beans in anticipation of higher prices.

This could put pressure on supplies to a global cocoa market that is trying to rebound from the devastating harvests of the previous season.

A dozen farmers, purchasers, and representatives from the state regulator Cocobod confirmed the practice, though it was unclear how widespread the up-country bean stocking was. Some blamed the practice for the slowdown in bean purchases.

“I have more than 300 bags, but I won’t sell,” said a cocoa farmer in south-central Ghana, who asked not to be named. “I will only sell after Christmas. We want to see if they will increase the price as they said.”

All of the reports claimed that farmers were responding to remarks made by Vice President Mahamudu Bawumia, who four weeks prior had promised to increase farmer prices to members of the ruling New Patriotic Party.

Speaking at Sefwi Wiaso, one of the largest cocoa-growing communities in southwest Ghana, Bawumia is vying for the presidency in the elections scheduled for December 7. Since then, he has claimed that his remarks were misinterpreted.

According to Cocobod officials, Ghana lost over one-third of its 2023–2024 cocoa production to smuggling, compounding the problems that caused production to drop to a level not seen in over two decades and contributed to record-high cocoa prices worldwide.

After a volatile session on Monday, US stocks ended the day marginally lower as investors braced for a pivotal week that would see the Federal Reserve make its policy announcement and Americans elect a new president.

Ghana increased the fixed farmgate price by over 45% to 48,000 cedis, or little less than $3,000, per metric tonne for the 2024–25 season, which began in September, in an effort to increase farmer incomes and discourage smuggling.

But Ivory Coast, Ghana’s neighbour and the largest cocoa producer in the world, increased the price to 1,800 CFA francs ($3.00) per kilogramme, which is only marginally more than Ghana’s.

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Zambian govt spends K16.6 billion in October on debt servicing, gulping K4.7 billion

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Zambian Ministry of Finance and National Planning released K16.6 billion in October to assist Zambian development and public service delivery, according to the ministry’s budget release issued by the Treasury.

The government allotted K4.5 billion to pay public service personnel salaries and allowances. Health and teaching staff and Zambian ambassadors abroad received allowances.

The government set aside K4.7 billion for debt service and arrears to reduce national debt. K2.2 billion went to domestic debt service, K256.9 million to overseas debt, and K2.1 billion to legacy fuel arrears.

The ministry’s budget, which stated, “Notable expenditures included K3.5 billion for transfers, subsidies and social benefits, K4.2 billion for various development programs, general operations and capital expenditure, and K700 million for drugs and medical supplies.”

Situmbeko Musokotwane, Minister of Finance and National Planning, took advantage of the statement to urge foreign investors to think about Zambia as a potential place to invest.

Musokotwane emphasised Zambia’s favourable investment climate while speaking at a recent World Bank meeting in Washington. He also urged collaborations in the fields of manufacturing, mining exploration, renewable energy, and agriculture.

“Zambia is endowed with critical natural resources, and we invite you to collaborate with local business players in mobilizing the resources required for green energy projects, mining explorations and development, and agriculture value chain ventures that support out-grower schemes through farm blocks,” Musokotwane stated.

He called for investors to collaborate with Zambian companies, highlighting the advantages of doing so in important economic sectors like mining, agriculture, and energy.

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