Ghana to buy Dangote Petrol to reduce $400m monthly import expenditure

Keep up with latest news and be part of our weekly giveaways and airtime sharing, follow our WhatsApp channel for more update. Click to Follow us

Ghana has stated that in an effort to reduce import costs, it intends to purchase petroleum products from Nigeria’s Dangote Refinery.

Mustapha Abdul-Hamid, the chairman of Ghana’s National Petroleum Authority, made this revelation Monday at the OTL Africa Downstream Oil Conference in Lagos, according to Reuters.

Abdul-Hamid, the head of Ghana’s Petroleum Regulatory Body, stated that the $400 million monthly fuel imports from Europe might stop if Dangote Petroleum Products is bought.

He claims that purchasing Premium Motor Spirit (petrol) from Dangote Refinery will be simpler than importing from Rotterdam.

When the action was put into effect, he anticipated that it would contribute to a decrease in Ghana’s petrol costs.

“If the refinery reaches 650,000 barrels per day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria, and I believe that will bring down our prices,” Hamid said.

On September 15, 2024, Dangote Refinery began distributing petrol, and the Nigerian National Petroleum Company Limited was the only off-taker at the time.

However, as Nigerians struggle with the increase in petrol prices, which stood at above N1,030 per litre, little has been seen of the relationship, even though local petroleum merchants have taken steps to purchase straight from Dangote Refinery.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.