Dangote Refinery Expands Storage Capacity Amid Challenges, Promises Lower Fuel Prices

The President of Dangote Group, Alhaji Aliko Dangote, announced a significant expansion of the Dangote Refinery’s storage capacity by 600 million liters, bringing the total capacity to 5.3 billion liters. Speaking at the Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum in Nassau, The Bahamas, Dangote highlighted the strategic importance of this expansion for Nigeria’s energy security.

Currently, the refinery boasts a storage capacity of 4.78 billion liters for refined petroleum products. Dangote emphasized that the increased capacity would position the refinery as a crucial strategic reserve for Nigeria, mitigating risks associated with fuel shortages.

Buy Cheapest Data Price
Our Data Prices On Alrahuzdata:
- MTN SME 1: N255 per 1GB
- MTN SME 2: N259 per 1GB
- Airtel CG: N278 per 1GB
- Glo CG: N230 per 1GB
- 9mobile: N125 per 1GB
Download Our Mobile APP to get started: [JMData] https://play.google.com/store/apps/details?id=com.encrypted.jmdata

read also:How to Check if Your NIRSAL OBSL Loan Application has been Approved

However, Dangote alleged that international oil companies have obstructed his refinery’s operations by refusing to sell crude oil, aiming to thwart his success. Despite these challenges, he remains optimistic about the refinery’s role in transforming Nigeria’s fuel market.

Addressing the potential impact on petrol prices, Dangote refrained from making definitive promises. He recounted the significant price drop in diesel—from N1,700 to N1,200 per liter—after his refinery began production. He expressed hope for a similar trend in petrol prices, contingent on adequate crude oil supply.

Dangote criticized the longstanding practice of importing low-quality, high-sulfur fuel into Nigeria, linking it to increased cancer rates. He called for stricter enforcement of fuel quality regulations by the Federal Government to safeguard public health.

Despite setbacks, including attempts by international and local cartels to sabotage the $19 billion refinery project, Dangote has made substantial progress. He revealed that $2.4 billion of the $5.5 billion loan for the project has been repaid, demonstrating financial stability.

Looking ahead, Dangote plans to leverage the refinery’s capacity to supply cheaper fuel to the Caribbean, enhancing regional energy access and economic growth. He also envisions Nigeria becoming self-sufficient in fuel production by the end of the year, potentially reducing the need for imports and stabilizing domestic fuel prices.

read more:Apply Now: Vietnam Government Offers Scholarships to Nigerian Students for 2024/2025 Academic Year

The refinery, with a capacity of 650,000 barrels per day, aims to meet not only Nigeria’s needs but also those of West Africa and the broader sub-Saharan region. Despite facing formidable opposition, Dangote remains committed to his vision of transforming Africa’s energy landscape.

For more details, visit Punch Nigeria.

Follow us on Google News for Latest Headlines

https://whatsapp.com/channel/0029VaELqhlHVvTXjDnUf80h

https://chat.whatsapp.com/G6Lo3ss6WKLCOqBphZwQGk

https://facebook.com/allmedia24news

https://www.twitter.com/allmedia24news
Telegram Group

https://t.me/allmedia24

https://www.threads.net/@allmedia24news

RECEIVE NEWS FROM EMAIL

Email address:

Leave this field empty if you're human: