Dangote blames fuel queues on retailers’ reluctance to buy from local refinery

Dangote Group President Aliko Dangote attributed the persistent fuel queues across the country to the reluctance of retailers to buy the available stock at his refinery.

Speaking after a meeting with President Bola Tinubu and the Committee on the Marketing of Crude Oil and Petroleum Products in Local Currency at State House, Dangote said his refinery currently has 500 million liters of fuel, which will last about 12 days, and calls for a stop to imports product

Describing the meeting as “extremely successful”, Dangote noted that President Tinubu had directed both NNPC and independent marketers to source petroleum products locally to stabilize distribution and increase supply.

The Coordinating Minister of Finance and Minister of Economic Affairs, who doubles as the Chairman of the Committee, highlighted the initiative to sell oil to local refineries in the Naira as a step towards the industrialization of Nigeria, with Afreximbank acting as a financial intermediary to support stable transactions in the face of currency volatility.

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