Nigerian oil marketers were taken aback by comments from Aliko Dangote, Chairman of Dangote Refinery, who disclosed that the facility holds a stockpile of approximately 500 million litres of petrol available for sale and distribution to retailers.
Dangote made this announcement during a meeting of the Implementation Committee on Crude Oil and Refined Products Sales in Naira, convened by President Bola Tinubu at the State House on Tuesday. He stated, “I assured Mr. President, we will be able to supply the market a minimum of 30 million litres per day, and we’ll be ramping up as we go on. So, we’re ready. We’re more than ready.”
He urged retailers to come forward and load their products, emphasizing that either the NNPCL or the marketers should cease importing fuel and instead purchase from his refinery. “I don’t know whether you understand what it takes to have 500 million litres inside our tank. It’s costing me money every day,” Dangote explained. He expressed that if retailers collected the petrol, there would be no queues at filling stations.
However, in response to Dangote’s announcement, a CEO of a prominent oil marketing firm, who requested anonymity, expressed skepticism. “It is not just a surprise, but also intriguing that the management of the refinery finds it convenient to disclose a huge stock of fuel to the Presidential team and not to the marketers who are to patronize the refinery,” the CEO said.
The executive also pointed out the contradiction in Dangote’s claim, noting that the refinery had previously communicated to marketers about purchasing based on allocated quantities. “If such huge stock is available, why ration what marketers can buy?” he questioned, highlighting concerns over transparency and communication within the oil supply chain.