Retailers Refusing To Lift Over 500 Million Litres Of Fuel From Our Refinery – Dangote

Aliko Dangote, Chairman of the Dangote Group, has attributed retailers to the country’s current fuel shortage.

To back up his claims, Dangote claimed that his tank farm held more than 500 million liters of fuel that was ready for the market. However, the retailers who were supposed to buy and distribute the fuel haven’t come forward to lift it up.

The allegations were made by Dangote on Tuesday, not long after important players in the oil and gas industry met with President Bola Tinubu to try to solve the problem of fuel scarcity, which persists despite a rise in the price of the commodity.

Dangote claims that his refinery can produce more than 30 million liters of fuel per day. However, because he is not in the retail business, the products cannot reach Nigerians who require them because retailers aren’t coming to lift them up.

He lamented that Nigerians are groaning in the streets without fuel while he is operating at a loss by storing large quantities in tanks.

Dangote stated, “Yes, we have enough supply of crude, and we can actually produce much more than 30 million litres every day,” in an interview with State House Correspondents following the meeting. We can even supply what is being used at full capacity. However, we can even begin producing by next week, according to my estimates of consumption, which I believe to be around 30 to 32 million.

It is not really a problem because, as we speak, our tanks contain 500 million liters. Therefore, our tanks contain 500 million liters even if no one produces or imports. This will take the nation more than 12 days, you know, without any production, no imports, and nothing else.

Therefore, we are extremely prepared. We are completely prepared. You should also know that I am also putting my own reputation in jeopardy by promising Mr. President that we will indeed be able to supply the market with at least 30 million liters per day and will be ramping up. So we are prepared. We are completely prepared.

Dangote responded, “Well, you know on the streets, one thing that you have to understand is that we are producers,” when asked why he had millions of liters of fuel products in his tank farm that could last for 12 days but the average person on the street could not easily access the product.

“I’ve got a refinery. I’m not in the retail industry. You hold me responsible if I’m in the retail industry. However, what I’m trying to convey is that the retailers ought to please come forward and select; in the event that they do not, please do so; what do you want me to do? I have the ability to accomplish that. Therefore, I do not anticipate NNPC or the marketers to cease importing; rather, they ought to come and select because we have what they require.

I’ll be pumping as they leave, as you know. I am unsure whether you comprehend the requirements for maintaining our tank’s 500,000 liter capacity. I have to pay for it every day. I actually have the ability to charge someone 32% interest if I am successful in collecting the naira. That is therefore what I am losing right now. And 500 million is what you’re talking about? I mean, we don’t print money. But the problem is that there won’t be any lines at the filling stations if they come and collect.