By Our Reporter
Dangote’s group executive, Devakumar Edwin, confirmed shipping of diesel and jet fuel into the local market.
“We have substantial quantities. Products are being evacuated both by sea and road. Ships are lining up one after another to load diesel and aviation jet fuel,” Edwin told Reuters.
“Ships load a minimum of 26 million litres, though we try to push for 37 million litres vessels, for ease of operations.”
Local oil marketers agreed a price of 1,225 naira ($0.96) per litre of diesel following a bulk purchase agreement, before putting their mark-up, said Abubakar Maigandi, head of the Independent Petroleum Marketers Association of Nigeria.
The association’s members control about 150,000 retail stations across Nigeria, Maigandi said.
The smaller Depots and Petroleum Products Marketers Association of Nigeria said its members were seeking letters of credit to buy petroleum products from Dangote.
“Our members are discussing with banks and these talks have reached advanced stages, when we have our letters of credit, we will begin lifting products,” Femi Adewole, the association’s executive secretary said.