Ghana is gearing up to revolutionize its petroleum sourcing, tapping into Nigeria’s Dangote Petroleum Refinery as a cost-efficient alternative to costly European imports. According to the head of Ghana’s oil regulator, the refinery’s full-capacity operations will unlock a substantial boost to the country’s fuel supply, promising relief from pricey foreign imports.
Chairman of the National Petroleum Authority, Ghana, Dr. Mustapha Abdul-Hamid, revealed that the country may stop importing fuel from Europe, which currently stands at a whopping $400 million per month. This announcement was made at the OTL Africa Downstream oil conference in Lagos, as reported by Reuters.
The $20 billion Dangote refinery in Lekki began distributing Premium Motor Spirit, commonly known as petrol, to the Nigerian market on September 15, 2024.
Contrary to expectations, Nigerian marketers have begun importing staggering volumes of Premium Motor Spirit (PMS), totaling hundreds of millions of liters. This surprise move comes on the heels of the Federal Government’s decision to fully deregulate the downstream oil sector.
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