Ghana has announced plans to purchase petroleum products from Nigeria’s Dangote Refinery, aiming to reduce its $400 million monthly import expenditure on fuel.
The Chairman of Ghana’s National Petroleum Authority, Mustapha Abdul-Hamid, disclosed the development on Monday at the OTL Africa Downstream Oil Conference in Lagos.
Abdul-Hamid explained that this move could end Ghana’s fuel imports from Europe, providing a closer, more affordable alternative for Ghana’s petrol needs.
Hamid stated, “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.”
This initiative aligns with Dangote Refinery’s recent start of petrol distribution, which began on September 15, 2024, with the Nigerian National Petroleum Company Limited as the exclusive off-taker.
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While local Nigerian marketers have shown interest in direct purchases from Dangote Refinery, limited progress has been seen in reducing domestic fuel prices, which currently exceed N1,030 per litre.
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