In a significant development for Nigeria’s energy sector, seven major oil marketers have received approval from the Dangote Petroleum Refinery to distribute refined petroleum products produced by the $20 billion facility.
The Major Oil Marketers Association of Nigeria (MOMAN) confirmed that, with this registration, they are poised to commence the distribution of fuel from the refinery once commercial terms are finalized.
The approved major marketers include 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy Marketing Limited, Total Nigeria Plc, and NNPC Retail.
This comes after the Dangote Petroleum Refinery announced the commencement of production of Automotive Gas Oil (diesel) and JetA1 (aviation fuel) on Friday.
The President of Dangote Group, Aliko Dangote, expressed gratitude for the support received, especially acknowledging President Bola Tinubu, the Nigerian National Petroleum Company Limited, and other regulatory bodies.
He highlighted the refinery’s significance, emphasizing its transformative impact on Nigeria and the successful completion of a large-scale capital project.
The refinery, situated in Lagos, has so far received six million barrels of crude oil, marking a crucial milestone in its production.
With a daily refining capacity of 650,000 barrels, the facility covers an extensive area in the Lekki Free Trade Zone.
Major Oil Marketers Association of Nigeria (MOMAN) CEO, Clement Isong, confirmed that all MOMAN members have registered with the Dangote Petroleum Refinery, ensuring a seamless process for purchasing and selling the refined products.
The registration, initiated last year, prepares major marketers for the distribution once the commercial terms are agreed upon.
Isong emphasized that the commercial terms would be individually negotiated with each marketer. He anticipated that the products would be available at major filling stations as soon as the refinery makes them accessible.
While the commencement of production at the Dangote Refinery is a monumental achievement, questions linger about the pricing policy.
Isong believes that the refinery will sell its products at market prices to recover costs, both capital and operational, and eventually make a profit.
Other industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), are also engaging with the Dangote refinery for terms of product loading and supply.
The production start at the Dangote Refinery signals a significant step towards energy self-sufficiency in Nigeria, potentially impacting fuel prices and addressing supply challenges.
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