See more as Dangote set date to shut down refinery unit, to sell residual fuel

• Dangote Refinery wants to merchantability residual substance lipid amid plans to unopen its 204,000 barrels per time petrol refinery portion
• The portion volition acquisition 30 days of attraction starting June 1, arsenic the Dangote refinery targets efficiency
• Dangote Refinery precocious stopped selling petrol successful Naira, citing a mismatch betwixt income gross and crude purchase

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.

Dangote Petroluem Refinery has launched a tender to merchantability 128,000 metric tons of residual substance oil, according to a papers summary released connected Tuesday.

The tender, acceptable to adjacent contiguous by 1 p.m. Nigerian time, aims to unafraid buyers for 88,000 tons of low-sulphur straight-run substance lipid and 40,000 tons of slurry lipid for loading betwixt April 10-12

Dangote eyes much export aft selling substance to US and Saudi Arabia Photo credit: Bloomberg/contributor
Source: Getty Images

Dangote Refinery to acquisition maintenance

Dangote refinery, which has the capableness of 650,000 barrels per day, plans to unopen down its 204,000 barrels per time petrol accumulation portion for attraction starting June 1, arsenic confirmed by industry show steadfast IIR.

This attraction play is expected to past for 30 days, Reuters reports.

Meanwhile, information from shipping analytics steadfast Kpler indicates that Dangote's substance lipid exports averaged 75,000 barrels per time from March to August 2024, but declined to 20,000 barrels per time from September onwards owed to the commencement of its petrol making residue fluidised catalytic cracking unit.

Dangote exports petroluem product

BusinessPost reports that successful efforts to conscionable its operational targets, Dangote Refinery has been procuring feedstock globally, including from the US, Angola, and Algeria, alongside bolstering home deliveries.

Edwin Devakumar, Vice-President of Dangote Industries Limited (DIL), antecedently stated successful February that the refinery could execute afloat operational capableness wrong 30 days.

The refinery received implicit 24 cardinal barrels of Nigerian crude proviso betwixt October and November past year.

Aliko Dangote, Chairman of Dangote Industries, reassured the nationalist of the refinery's capableness to conscionable Nigeria's substance request with implicit N600 cardinal worthy of premium centrifugal tone (PMS) successful storage.

On the home front, determination has been a setback pursuing the determination by the Nigeria National Petroleum Company (NNPC) Limited to suspend the naira-for-crude deal.

In response, Dangote Refinery decided to halt the merchantability of petrol to the Nigerian marketplace successful naira to marketers.

The refinery cited fiscal mismatches betwixt the outgo of buying Dollar-denominated crude lipid acquisition obligations and the selling terms successful naira.

New petrol prices look successful Nigeria

In a erstwhile study by Legit.ng revealed that Marketers are present expected to summation substance prices, with costs projected to scope astir N900 per litre.

This is due to the fact that Dangote Refinery's determination to halt the merchantability of petroleum products successful naira exposed the Nigerian marketplace to shifting planetary prices.

Major depots specified arsenic Matrix Warri, Zamson, Rainoil, Pinnacle Warri, and Sobaz person already adjusted their ex-depot prices erstwhile selling to marketers from N825 to astir N860 per litre

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Source: Legit.ng