Ghana has announced plans to purchase petroleum products directly from Nigeria’s Dangote Refinery, aiming to reduce the significant costs of importing fuel from Europe.

This decision, revealed by Mustapha Abdul-Hamid, Chairman of Ghana’s National Petroleum Authority, came during his address at the OTL Africa Downstream Oil Conference in Lagos.

For years, Ghana has imported its petroleum from European markets, primarily Rotterdam, with costs reaching around $400 million monthly.

By sourcing fuel from Dangote Refinery instead, Abdul-Hamid believes Ghana could not only ease the financial strain of imports but potentially lower petrol prices for Ghanaians.

“If Dangote’s refinery can produce 650,000 barrels a day, Nigeria alone won’t need all of that supply,” he stated.

“Rather than continuing to import from Europe, it would be easier—and likely more affordable—for us to source directly from Nigeria.”

The Dangote Refinery, Africa’s largest and most advanced, began distributing petroleum products in September 2024, partnering with the Nigerian National Petroleum Company Limited (NNPC) as its primary off-taker.

The facility’s vast production capacity has attracted attention from neighbouring countries like Ghana, which hopes that local access will make fuel costs more manageable.

At the Nigerian Economic Summit in Lagos, Google and other major industries show their support to Nigeria digital economy.

Important Leaders such as Taiwo Oydele from the Presidential committee of fiscal policy and tax reforms strongly emphasized and shared the benefits of the collaboration between private and public digital development. Google’s West Africa Director, Olumide Balogun, emphasized the power of technology and how it can improve lives and boost the economy.

The leaders expressed their enthusiasm and showed ways and opportunities that this development can tackle the economic challenged Nigeria are facing to plan to bring out Nigeria potential.

Oil marketers have highlighted the uncertainty surrounding Nigeria’s petrol prices, explaining that predicting the future cost of Premium Motor Spirit (PMS) is nearly impossible.

Bill Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), shared insights into this in a recent discussion, expressing concerns over rising fuel costs and the challenges within the oil and gas sector.

With growing speculation that petrol prices could soar to N1,500 per litre by December, Gillis-Harry emphasized that price fluctuations in Nigeria’s deregulated oil market make it hard to project any stable figures.

He pointed out that the pressing issue shouldn’t just be the price but rather the country’s energy security and ensuring a steady supply of petroleum products.

“Nothing remains the same,” he remarked, underscoring the constant shifts in the industry.

“We can’t pinpoint a specific figure for December’s fuel prices; instead, we must ensure we have enough stock to maintain our energy security.”

The unpredictability has added pressure to an already strained market, with petrol prices now exceeding N1,030 per litre in several areas nationwide.

The situation has been challenging for Nigerians, who are facing steep costs at the pump.

On October 9, the Nigerian National Petroleum Company Limited (NNPC) raised its pump price in Abuja to N1,030 per litre, up from N897, while other locations saw prices ranging from N1,080 to N1,300 per litre, based on demand and supply in those regions.

In response to the mounting crisis, oil marketers are seeking government intervention to avoid a potential collapse of the petroleum industry.

They recently requested a N100 billion support package from the federal government, aimed at stabilizing operations and mitigating the financial pressures on petroleum businesses.

This request, they argue, is critical to sustain operations, maintain job security, and manage the ever-changing landscape of Nigeria’s oil sector.