“Ghana Evaluates Fuel Imports from Dangote Refinery to Reduce Expenses.”

Ghana is looking into the possibility of importing petroleum products from Nigeria’s Dangote Petroleum Refinery once it operates at full capacity, which could help decrease costly fuel imports from Europe, as reported by The Punch. Mustapha Abdul-Hamid, Chairman of the National Petroleum Authority of Ghana, mentioned that this change could eliminate monthly expenses of approximately $400 million on European fuel imports.

He shared these insights at the OTL Africa Downstream oil conference in Lagos.The $20 billion Dangote refinery, located in Lekki, started supplying Premium Motor Spirit (petrol) to the Nigerian market on September 15, 2024. However, after the complete deregulation of Nigeria’s downstream oil sector, local marketers have begun importing petrol in large quantities.

Hamid highlighted that if the refinery reaches its full capacity of 650,000 barrels per day, it would not only cater to Nigeria’s needs but also fulfill Ghana’s fuel requirements. Importing from Nigeria would help lower prices by reducing the freight costs linked to imports from Europe.

He also pointed out that as the African market develops, there may be conversations about adopting a common currency to lessen dependence on the dollar. Ghana’s economy has been on the rise, largely due to growth in the extractive sector, which has boosted fuel demand.