Nigeria’s Dangote oil refinery pleads with the Nation’s oil regulators for patronage and to save FX from imports.

Marketers who claimed they had to augment Dangote’s supplies with imports to address fuel shortages were refuted by the wealthy founder of Nigeria’s Dangote oil refinery, which boasts a 500 million liter gasoline stockpile.

Aliko Dangote, the finance minister, the head of the state-owned NNPC, and oil regulators were all invited to a meeting in Abuja on Tuesday by Nigerian President Bola Tinubu.

In an attempt to relieve pressure on foreign exchange and assist the massive refinery in obtaining enough crude to achieve its capacity of 650,000 barrels per day, the goal was to reconsider a policy that required NNPC to sell crude oil to the Dangote refinery in local naira currency.

After the discussion, Dangote explained that he should not be held responsible for fuel shortages in Africa’s top oil-producing nation because his company does not deal in the retail sale of gasoline.

He added that it costs him money to keep fuel in storage tanks.

“I anticipate that merchants and the NNPC will cease importing. We have everything they need, so they should come and get it,” Dangote remarked.

Fuel shortages were made worse two weeks ago when local fuel dealers started importing more petrol on the grounds that the Dangote refinery couldn’t supply domestic demand.

In September, the Lagos-based Dangote Oil Refinery started manufacturing gasoline with the goal of supplying 25 million liters daily.

The objective is to progressively boost output to 35 million liters per day, which Dangote thinks will be enough to satisfy regional demand.

However, the sector regulator stated at an energy conference in Lagos on Monday that Nigeria uses 45 to 50 million liters of gasoline every day.

President Tinubu advised stakeholders to concentrate on providing enough gasoline for local consumption in order to lessen reliance on imports, according to a government spokesperson’s statement.

In order to settle the naira pricing of oil and refined goods, he also instructed them to use Afreximbank, the financial adviser for the naira crude sale plan.