As part of efforts to reduce the cost of Premium Motor Spirit (PMS), commonly known as petrol, Nigeria’s neighbouring country Ghana has expressed readiness to start buying from Dangote Refinery in the first quarter of 2025.

Chairman of the National Petroleum Authority Ghana, Mustapha Abdul-Hamid announced this at the Oil Trading and Logistics (OTL) Africa Downstream Oil Conference held in Lagos, Nigeria.

Abdul-Hamid categorically said that Ghana will purchase fuel from Nigeria once the Dangote refinery begins operation fully.

According to him, the projected 650,000bpd daily production is too much for Nigerians to consume. Hence, Ghana could benefit from the surplus production, allowing both countries to collaborate more closely in the energy sector.

Currently, importing petrol from Rotterdam has made fuel prices relatively high in Ghana due to unfavorable exchange rates.

“If the refinery reaches its 650,000 bpd capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we currently do from Rotterdam, it will be much easier for us to import from Nigeria, which I believe will help bring down our prices,” Abdul-Hamid stated.

By sourcing petrol from Nigeria, Ghana hopes to mitigate logistic costs and benefit from a more favourable pricing structure.

Ghana buys $400 million worth of petrol from Europe monthly, which over the years has impacted the commodity pricing in the West African country.

Abdul-Hamid further said the volatility of the Ghanaian cedi against foreign currencies led to increased costs for fuel.

Additionally, buying from a neighboring country would reduce the exchange rate impact on petrol prices, significantly lower fuel costs, and reduce the prices of other goods.

“The reduction in freight expenses would help bring down the prices of various goods, positively impacting Ghana’s broader economy,” he concluded.

Former Kano State governor, Rabiu Musa Kwankwaso, has broken silence over the persistent power outage affecting the Northern part of Nigeria which has left many homes in darkness.

Kwankwaso aired his grievances on Monday, October 28, via a statement shared on his official X handle.

The presidential candidate of the New Nigeria People’s Party (NNPP) in the 2023 election who blamed the blackout on vandalism decried the high cost of petrol, stating that it has further compounded the situation in the North.

Kwankwaso lamented the poor capacity of the country’s power sector as clearly evident in the delay to restore power in the Northern region.

He said, “It is very disheartening that many parts of Northern Nigeria are in total darkness today due to vandalism on the important 330kV Shiroro-Kaduna power line that supplies the states of Kano and Kaduna and another line that supplies Bauchi, Gombe and other parts of the northeast.

This situation has been further compounded by the high cost of petrol and diesel in Nigeria, which has further plunged homes into darkness and forced factories to close down.

The time this crisis has taken to be addressed underscores the huge deficit of capacity our power sector has in order to address large scale problems and this must be addressed to avoid any future disruption.”

The NNPP leader called on government and private investors to shift their attention toward alternative electricity sources to reduce the reliance Nigeria’s aged energy sources which he described as ‘inadequate’.

Kwankwaso added: “It is about time that we look into alternative power sources to address our energy needs and we need to exploit the abundant resources available to this country.

I wish to encourage all state governments and private investors to invest in alternative electricity sources, just like we did in Kano by installing two turbines in the Challawa Gorge and Tiga Dams in order to reduce the reliance on our inadequate and aged energy sources.”

Meanwhile, the Transmission Company of Nigeria (TCN) revealed that it is collaborating with the Office of the National Security Adviser to repair the vandalised Shiroro-Kaduna line that caused the blackout in Kaduna, Kano and other major cities in the north.

A statement by the General Manager, Public Affairs of TCN, Ndidi Mbah detailed that the TCN is working diligently to restore bulk power supply as quickly as possible despite prevailing security challenges.