The Chief Executive Officer/CEO of the Major Energy Marketers Association of Nigeria, MEMAN, Mr. Clement Isong, has confirmed that oil marketers have commenced the lifting of diesel and aviation fuel from the Dangote Refinery, a significant development set to impact the domestic market positively. In a statement to Vanguard via telephone interview, Mr. Isong expressed optimism about the refinery's contribution to the market.
Similarly, the Executive Secretary of the smaller Depots and Petroleum Products Marketers Association of Nigeria, Femi Adewole, revealed that their members are in advanced discussions with banks to facilitate the lifting of products. Once the necessary arrangements, such as letters of credit, are in place, they will begin the process.
Although the President of the Independent Petroleum Marketers Association of Nigeria, Alh Abubakar Maigandi Shettima-Garima, could not be reached for comment, another member of the association stated that independent marketers have already started lifting diesel from the Dangote Refinery. This increased supply is expected to have a positive impact on the domestic market.
Dangote's Group Executive, Devakumar Edwin, overseeing the refinery's development, confirmed the substantial quantities available for evacuation, both by sea and road. He noted that ships are queuing up to load diesel and aviation jet fuel, with a minimum of 26 million litres being loaded per vessel, though efforts are made to secure vessels with a capacity of 37 million litres for smoother operations. Prior to this development, local oil marketers had agreed on a price of 1,225 naira ($0.96) per litre of diesel under a bulk purchase agreement with Dangote Refinery, with adjustments made to cover logistics and other costs.
