…Marketers get 1m litres each
The $20bn worth ?angote Petroleum Refinery has commenced the sale of Automotive Gas Oil, popularly called diesel, to oil marketers nationwide.
Dealers and officials of the plant confirmed this yestetday, as it was gathered that the refinery commenced diesel sales last week.
The National President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, told newsmen: They started pumping out diesel to marketers since last week. They also promised to sell aviation fuel soon. Some of my members confirmed this to me after making purchase.
He said the move by ?angote would lead to a crash in diesel prices, as the commodity rose to a high of about N1,700/litre recently. The price of diesel is going to fall because of the release of products from ?angote Refinery. In fact, it is already coming down in Lagos, Maigandi stated.
A senior management official of the firm confirmed the sale of diesel to marketers, as the source noted that Premium Motor Spirit, popularly called petrol, would soon be released to the market.
The ?angote Refinery has faced a series of hurdles as it strives to release refined products into the market after it was officially inaugurated by former President Muhammadu Buhari in May 2023.
Recall that on February 8, 2024 we reported that indications emerged that lingering regulatory approvals stalled ?angote Petrochemical Refinerys plan to release aviation fuel (Jet A1) and diesel for sale in the Nigerian market in January.
The report stated that weeks after the January 31 timeline set by the management of Africas largest refinery to begin the sale of its petroleum product in the local market, the refinery was still battling to cross the hurdles of the several layers of regulatory approvals.
It stated that the development came after the refinery began the production of refined petroleum products at the expansive facility.
On January 12, 2024, ?angote Refinery announced that it had commenced the production of Automotive Gas Oil, popularly called diesel, and aviation fuel or JetA1.
The refinery, Africas largest, with a nameplate capacity of 650,000 barrels per day, was built on a peninsula on the outskirts of the commercial capital, Lagos.
Nigeria has for years relied on expensive imports for nearly all the fuel it consumes; however, the $20bn refinery is set to turn it into a net exporter of fuel to other West African countries, in a huge potential shift of power and profit dynamics in the industry.
