In less than three months after the Dangote Petroleum Refinery began releasing AGO to the market, independent marketers have lifted and distributed approximately 25 million liters of this fuel, also known as diesel.
Additionally, information was obtained on Saturday indicating that the $20 billion company was still accepting registrations from oil marketers. This is because the factory is registering more dealers in front of its July launch of Premium Motor Spirit, popularly known as gasoline, onto the domestic market.
Additionally, marketers are prepared to start distributing PMS from the factory.
The Lagos-based refinery verified the registration of its members with the Independent Petroleum Marketers Association of Nigeria, Major Energies Marketers Association of Nigeria, and Petroleum Products Retail Outlets Owners Association of Nigeria.
Additionally, they attested to the ongoing removal of diesel from the facility, which they claimed had stabilized the commodity’s price and guaranteed a sufficient supply ever since production started in March of this year.
After the Dangote refinery introduced diesel to the Nigerian market in late March 2024, the price of the fuel fell to approximately N1,200 per liter, with nationwide availability of the product guaranteed.
The National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, commented to our correspondent about the availability and stability of diesel since Dangote began production, as well as the registration of marketers with the refinery. He said that more than 25 million liters of AGO from the plant had been distributed by IPMAN members across the country.
“Many of us independent traders have stolen a lot of merchandise from Dangote’s depot, and we are registering with Dangote. Numerous marketers that I know of have registered with the Dangote refinery.
“It is also verified that since the refinery began selling diesel domestically to Nigerian downstream oil sector operators, independent marketers have loaded more than 25 million liters of the fuel,”
Ukadike said. Oil marketers announced on April 2, 2024, that the Dangote refinery had started selling diesel to the country’s residents.
Oil marketers announced on April 2, 2024, that the Dangote refinery had started selling diesel to the country’s residents.
At the time, plant managers and dealers verified the development by stating that the factory had begun selling diesel the week before. Since last week, they have been pumping diesel to marketers.
They also pledged to start selling aviation fuel shortly. After making a purchase, a few of my members verified this for me,” IPMAN National President Abubakar Maigandi had previously informed our correspondent.
In addition, Maigandi had predicted that Dangote’s action would cause the price of diesel to plummet, as the fuel had reached a peak of almost N1,700 per litre at the time.
“Due to the Dangote Refinery’s product release, the price of diesel would decrease. In Lagos, it’s actually already starting to collapse,” Maigandi had said.
Eventually, Dangote’s price drop of diesel to N1,200 per liter brought about this.
Dealers said on Saturday that the marketers were eagerly anticipating the discharge of gasoline from the plant in the hopes that this may collapse the price of the commodity, despite Dangote refinery officials remaining silent on concerns over the plant.
“Since the group chairman has stated that PMS should hit the market in July, marketers are loading more products from the plant and are eager to start the lifting of PMS from the refinery,” Ukadike added.
“I must admit, knowing that PMS is being finalized for release from that plant is a good thing,” he continued. This is due to the fact that the price of diesel has remained below N1,200 per liter ever since Dangote fuel entered the market.
“Even in remote northern states, independent marketers are charging N1,200 per litre for diesel at the pump. Thus, the arrival of Dangote has moderated the explosive rise in diesel prices. We now anticipate PMS by July, which will put a stop to petroleum product imports.
