Petrol Price Crash Coming as Dangote Refinery Sets New Date to Receive Last 1M Barrels of Crude
- The Dangote refinery said it is expecting the last one million barrels of crude oil from NNPC on Monday, January 8, 2023
- The refinery disclosed in a statement that it had already received the fifth consignment of crude on Thursday, January 5, 2024
- The last shipment is the sixth promised by NNPC to help the refinery to kick-start production this month
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
The 650,000 bpd-capacity Dangote refinery in Lagos will get the last tranche of one million barrels of crude oil on Monday, January 8, 2024, which sets the stage for the commencement of operations at the facility.
The facility received the fifth consignment of one million barrels of crude on Thursday, January 4, 2024, from the Nigerian National Petroleum Company Limited (NNPCL), Legit.ng reported.
Source: Facebook
The refinery receives the fifth consignment
The company announced the fifth crude shipment to the plant on Friday, January 5, 2024.
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The development is a significant step for the plant as it plans to begin operation, help Nigeria achieve self-sufficiency in petroleum products, and save scarce foreign exchange used for petrol imports.
The statement from the company said the latest consignment is the fifth to be delivered to the plant out of the six million barrels expected from the NNPC, which arrived at the Single Point Mooring C2 Dangote Offshore Oil Terminal on Thursday, January 4, 2024, and has already been discharged to the refineries crude oil tanks.
BusinessDay reports that the refinery had received about four million barrels of crude earlier.
The company expects the last consignment to commence production
Dangote’s managing director for ports operations, Akin Omole, said that the Dangote Quay at Ibeju Lekki in Lagos would receive the four million crude consignments before the end of last year and the remaining two million by January 2024.
Immediately after the six million barrels are fully delivered, it will help the facility in the initial run and start the production of diesel, aviation fuel, and liquid petroleum Gas (LPG) before refining petrol.
Energy experts predict that the refinery will play a significant role in easing the fuel supply challenges faced by Nigeria and the West African countries but remain pessimistic about the petrol price crash.
Petrol price may not cash soon
Adeola Yusuf, energy policy analyst and Team Leader at Platforms Africa said that the refinery might contribute little to the crash in petrol prices as it is a private entity and will seek to maximize profits.
“Nigerians should instead pray and ask the Nigerian government to fix the nation’s refineries to crash the petrol price in the country.
Once the other refineries begin to function, citizens can hope for a reduced petrol price and not the Dangote refinery, which is a commercial entity,” he said.
He stated that the refinery would sell to Nigeria at the same price it would sell to other countries because Nigeria did not supply it with crude free of charge despite a 20% stake by NNPC.
NNPC announces new date for Port Harcourt refinery to complete test run, begin production
Legit.ng reported that the Nigerian National Petroleum Corporation Limited (NNPCL) said the test run for the Port Harcourt refinery will be completed this month.
This is a significant step to resuming operations five years after the refinery shut down.
The company’s spokesman, Femi Soneye, disclosed on Thursday, January 4, 2024, saying that testing will conclude shortly.
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Source: Legit.ng
