{"id":241408,"date":"2024-10-29T13:42:37","date_gmt":"2024-10-29T13:42:37","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-eyes-cheaper-fuel-from-dangote-refinery-to-drive-down-prices\/"},"modified":"2024-10-29T13:42:37","modified_gmt":"2024-10-29T13:42:37","slug":"government-eyes-cheaper-fuel-from-dangote-refinery-to-drive-down-prices","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-eyes-cheaper-fuel-from-dangote-refinery-to-drive-down-prices\/","title":{"rendered":"Government eyes cheaper fuel from Dangote refinery to drive down prices"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/361\/36142418.295.jpg\" alt=\"Dr. Mustapha Abdul-Hamid, Chief Executive Officer of the National Petroleum Authority\" title=\"Dr. Mustapha Abdul-Hamid, Chief Executive Officer of the National Petroleum Authority\" width=\"295\" height=\"197\" \/> <span class=\"image_caption\"><span>Dr. Mustapha Abdul-Hamid, Chief Executive Officer of the National Petroleum Authority<\/span><\/span><\/p>\n<\/div>\n<div style=\"-webkit-user-select: none; -webkit-touch-callout: none; -moz-user-select: none; -ms-user-select: none; user-select: none;\">\n<p id=\"article-123\">Ghana may soon source petroleum products from Nigeria\u2019s Dangote Oil Refinery, a move expected to reduce reliance on pricier imports from Europe.<\/p>\n<p>Dr. Mustapha Abdul-Hamid, Chief Executive Officer of Ghana\u2019s National Petroleum Authority (NPA), highlighted this potential shift during the OTL Africa Downstream Oil Conference in Lagos on Monday.<\/p>\n<p>With Ghana currently spending around $400 million monthly on fuel imports from Europe, Dr. Hamid expressed optimism that accessing Nigeria\u2019s production could cut costs.<\/p>\n<p>&#8220;If the refinery reaches its targeted 650,000 barrels per day (bpd) capacity, that volume would surpass Nigeria&#8217;s domestic needs, allowing Ghana to import from Nigeria rather than Rotterdam.<\/p>\n<p>This change could substantially lower our fuel prices,&#8221; he stated.<\/p>\n<p>The Dangote Oil Refinery, a $19 billion facility built by Nigerian billionaire Aliko Dangote, is expected to achieve near-full operational capacity by the end of 2024, with full capacity anticipated by early 2025.<\/p>\n<p>Dr. Hamid noted that sourcing fuel closer to home would reduce freight costs and potentially drive down prices of other goods and services across Ghana.<\/p>\n<p>He also suggested that an African common currency could reduce the reliance on the U.S. dollar, which would further help control import costs.<\/p>\n<p>Ghana&#8217;s growing economy, which expanded by 6.9% year-on-year in the second quarter of 2024, has seen heightened fuel demand, largely due to a thriving extractive sector.<\/p>\n<p>As the Dangote Oil Refinery ramps up, Ghana&#8217;s interest in sourcing from Africa rather than Europe could mark a shift towards more affordable and regionalized energy procurement, he concluded.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr. Mustapha Abdul-Hamid, Chief Executive Officer of the National Petroleum Authority Ghana may soon source petroleum products from Nigeria\u2019s Dangote Oil Refinery, a move expected to reduce reliance on pricier imports from Europe. Dr. Mustapha Abdul-Hamid, Chief Executive Officer of Ghana\u2019s National Petroleum Authority (NPA), highlighted this potential shift during the OTL Africa Downstream Oil [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":241409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-241408","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Government eyes cheaper fuel from Dangote refinery to drive down prices - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/10\/29\/government-eyes-cheaper-fuel-from-dangote-refinery-to-drive-down-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government eyes cheaper fuel from Dangote refinery to drive down prices - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Dr. Mustapha Abdul-Hamid, Chief Executive Officer of the National Petroleum Authority Ghana may soon source petroleum products from Nigeria\u2019s Dangote Oil Refinery, a move expected to reduce reliance on pricier imports from Europe. 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