Aliko Dangote, founder of Dangote Group, has said that Dangote Petroleum Refinery has over 500 million litres of petrol, available for sale but retailers aren’t buying from the refinery.
Gatekeepers News reports that Dangote said this after a meeting on Tuesday with President Bola Ahmed Tinubu and his committee on crude oil and refined product sales in local currency.
The business magnate said retailers are not collecting the available products to ease petrol queues, resulting in financial losses for the company.
He said, “With enough supply of crude, we can actually produce much more than 30 million litres every day.”
“At full capacity, we can even supply whatever is being consumed.”
“But what I estimated as consumption, which I believe may be about 30, 32 million, we can start producing by next week, so it is not really an issue, because, as we speak today, we have 500 million litres in our tanks.”
“500 million litres in our tanks even if there’s no protection from any or no imports, this will take the country more than 12 days, with no imports, with no production, nothing.”
Dangote assured President Tinubu that the company would supply at least 30 million litres per day and gradually increase production.
Going on, the business magnate noted that keeping unsold PMS in storage is at the company’s expense and urged retailers to collect the products to reduce petrol queues and the company’s losses.
He said, “On the streets, one thing that you have to understand is that we are producers. I have a refinery. I’m not in the business of retail. If I’m in the business of retail, then you hold me responsible.”
“But what I’m saying is that the retailers should please come forward and pick. If they don’t come forward and pick, what do you want me to do? There is nothing that I can do.”
“I am expecting the NNPC or the marketers to stop importing, they should come and pick because we have what they need.”
“I don’t know whether you understand what it takes to keep half a billion litres inside our tank.”
“It’s costing me money every day. If I will be able to collect the naira, I can actually charge somebody 32 percent in interest.”
“So right now, that’s what I’m losing. And we are talking about 500 million, and we don’t print money.”
“The issue is that if they come and collect, then you will not see any queues in the filling stations.”
“We have what it takes for them to come and collect. We are not retailers. We also don’t have trucks to send. We have a factory, we have where they can load.”
Wondering what might be their reason, Dangote urged retailers to collect the PMS available, just as they do with imported products.
