Stop Fuel Imports Now! Refinery Owners Demand Action As Dangote Holds Huge Petrol Reserves

Refinery owners in Nigeria have called on the government to halt petrol imports, citing the significant stock of fuel at the Dangote Refinery. The Crude Oil Refineries Association of Nigeria (CORAN) revealed that the Dangote Refinery holds over 500 million litres of petrol, sufficient to meet the country’s demand for several days.…….READ MORE 

Refinery owners argue that with such substantial reserves available locally, there is no justification for continued petrol imports. They questioned the ongoing approval of import licenses, which they believe strains Nigeria’s foreign exchange reserves. CORAN emphasized that the availability of locally refined fuel should make imports unnecessary.

MRS Oil, which distributes Dangote petrol, even offers it at a lower price than the Nigerian National Petroleum Corporation (NNPC), making imports less viable. The Dangote Refinery, with a $23 billion investment, aims to reach a production capacity of 650,000 barrels per day by the end of the month. However, CORAN highlighted that while the refinery’s stock can last for up to 10 days, local refineries still face operational challenges due to a lack of crude oil allocations.

Despite Dangote’s contributions to reducing Nigeria’s reliance on imports, refinery owners claim that the government’s failure to allocate sufficient crude oil to local refineries is the root cause of ongoing fuel shortages. They are urging the government to prioritize local production over imports.