Ghana Plans Fuel Imports From Dangote Oil Refinery

Ghana may purchase petroleum products from Nigeria’s Dangote Oil Refinery once it is operating at full capacity, according to the head of Ghana’s oil regulatory body.

Mustapha Abdul-Hamid, chairman of the National Petroleum Authority, stated at the OTL Africa Downstream Oil Conference in Lagos that this development could eliminate monthly fuel imports from Europe, which currently cost around $400 million, as reported by Reuters.

Read Also: Oil Price Drops Significantly

“If the refinery reaches 650,000 bpd a 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.

He stated that importing goods from Nigeria instead of Europe would lower the prices of various goods and services by eliminating freight costs.

Read Also: Reports Submitted To FAAC By NNPCL Are Inconsistent, Lacks Details On Revenue – World Bank

He anticipates that African nations will eventually reach an agreement on a common currency, which should reduce the demand for dollars.

Ghana’s economy experienced a year-on-year growth of 6.9% in the second quarter of 2024, primarily driven by significant growth in the extractive sector, leading to increased fuel demand.

The Dangote Oil Refinery, constructed by Nigerian billionaire Aliko Dangote, is projected to operate at nearly full capacity by the end of the year, with analysts suggesting it could become fully operational in the first quarter of 2025.

For More Information And News Update, Join Informant Online WhatsApp Channel With Link Below:

https://whatsapp.com/channel/0029VaihFajBadmT29ufud2Z

 

Related articles

Eiye Confraternity Members After Completing Final Exams [VIDEO]

The video captures some members of Eiye Confraternity who...

Fubara To Present 2025 Rivers Budget To State Assembly

Rivers State Governor, Siminalayi Fubara, has announced plans to...

IGP Bars Amotekun, Vigilante From Ondo Election

The Inspector General of Police, Kayode Egbetokun, has directed...

LEAVE A REPLY

Please enter your comment!
Please enter your name here