Ghana considers importation of petrol from Dangote Refinery

Ghana considers importation of petrol from Dangote Refinery

Ghana could buy petroleum products from Nigeria’s Dangote Oil Refinery once the facility operates at full capacity, reducing the need for more expensive imports from Europe.

The head of the country’s oil regulator, Mustapha Abdul-Hamid, said this on Monday, according to a report by Reuters.

Abdul-Hamid, chairman of the National Petroleum Authority, stated at the OTL Africa Downstream Oil Conference in Lagos that this shift could eliminate the $400 million Ghana spends monthly on fuel imports from Europe.

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He explained that importing from Nigeria would help lower the prices of goods and services by cutting freight costs.

“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 also noted that African countries may eventually adopt a common currency, which would ease the demand for dollars.

Ghana considers importation of petrol from Dangote Refinery