See more as Dangote refinery exports fuel to US, more countries ready to buy

• Dangote Refinery has begun the merchantability of petroluem products to much planetary markets, and this clip it is the US
• The Dangote Group has precocious announced that it volition temporarily halt the merchantability of petrol successful Nigeria
• There are much countries acceptable to bargain from Dangote refinery, which is 1 of the largest successful the world

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Dangote refinery has exported 1.7 cardinal barrels of pitchy substance to the United States.

According to ship-tracking work Kpler, this shipment has precocious arrived astatine US ports connected Monday.

Dangote Refinery eyes much customers from the planetary marketplace for its petrol Photo credit: Bloomberg/contributor
Source: Getty Images

Further information from Kpler indicates that different vessel, the Hafnia Andromeda, is scheduled to dock astatine the Everglades terminal by March 29, carrying astir 348,000 barrels of pitchy fuel.

These exports item the refinery's expanding footprint successful North America and Europe.

Dangote refinery to export more

Reuters reports that Dangote lipid refinery has besides issued a tender connected Tuesday, March 25, to merchantability 128,000 metric tons of residual substance lipid successful April.

The study added that Dangote refinery volition adjacent the tender connected Wednesday astatine 1200 GMT, arsenic it seeks buyers for 88,000 tons of debased sulphur consecutive tally substance lipid and 40,000 tons of slurry lipid for loading connected April 10-12.

Dangote halts petrol merchantability successful naira

Dangote export comes amidst ongoing challenges successful Nigeria's home substance market, including disruptions pursuing the cancellation of the naira-for-crude woody with the refinery.

This determination has affected the Nigerian markets, triggering concerns among marketers and consumers alike.

In effect to the naira for crude impasse, the Dangote Petroleum Refinery has temporarily halted the merchantability of petroleum products successful Nigerian currency.

The refinery cited the necessity to align its income proceeds with its crude lipid acquisition obligations, presently denominated successful US Dollars.

Dangote Refinery targets much countries Photo credit: Bloomberg/contributor
Source: Getty Images

Dangote said:

"We privation to pass you that, Dangote Petroleum Refinery has temporarily halted the merchantability of petroleum products successful Naira. This determination is indispensable to debar a mismatch betwixt our income proceeds and our crude lipid acquisition obligations, which are presently denominated successful U.S. dollars.To date, our income of petroleum products successful Naira person exceeded the worth of Naira-denominated crude we person received. As a result, we indispensable temporarily set our income currency to align with our crude procurement currency."

Since the announcement, the section marketplace has seen an summation successful petrol prices at backstage depots in Lagos, rising to astir N900 per litre from levels beneath N850 per litre previously.

New pump prices expected arsenic outgo of substance increases

Ealier, Legit.ng reported that Petroleum marketers person said that petrol prices astatine the pump successful Nigeria could emergence to astatine least N930 per litre nationwide.

The prediction followed different summation successful the ex-depot terms of petroleum products by backstage depots.

Companies similar Pinnacle, AIPEC, Rainoil Lagos, and WOSBAB reported this latest terms adjustment.

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Source: Legit.ng