Business & Economy

Oil Marketers Will Pay Nigerian Naira For Dangote Refinery Fuel – IPMAN

Independent Petroleum Marketers Association of Nigeria, IPMAN, Monday, clarified that refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the U.S. dollar as speculated in some quarters.

BrandNewsDay reports that dealers in the downstream oil sector also stated that the registration process for marketers at the refinery was still ongoing, as many operators had continued to register with the plant.

It was further gathered that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority were meeting with the management of the refinery to perfect the pricing template for products produced by the facility.

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On January 12, 2023, the Dangote Petroleum Refinery announced the commencement of production of Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel.

The President, of Dangote Group, Aliko Dangote, in a statement issued by the firm, said, “We have started the production of diesel and aviation fuel, and the products will be in the market within this month once we receive regulatory approvals. This is a big day for Nigeria. We are delighted to have reached this significant milestone.

RECOMMENDED: Dangote, Otedola Shine On Forbes 2024 Top 20 African Billionaires List

“This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. This is a game changer for our country, and I am very fulfilled with the actualisation of this project.”

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Management of Dangote Petroleum Refinery has commenced registration of oil marketers and distributors for the lifting and distribution of refined petroleum products across the country.

So far, members of three prominent associations, that constitute 75 per cent of the total market in Nigeria have been registered. The associations are the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria, (IPMAN), and Major Oil Marketers Association of Nigeria, (MOMAN).

The company is also considering other marketers that have signified interest in the lifting and distribution of its petroleum products in the country.

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11 months ago

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