Ghana is planning to import petroleum products from the Dangote Refinery in Nigeria to help reduce fuel prices. Mustapha Abdul-Hamid, the chairman of the Ghana National Petroleum Authority (NPA), made this announcement at an oil conference in Lagos.

The Dangote Refinery officially began refining crude oil on September 3, although it started operations earlier in January by producing diesel and aviation fuel. Once the refinery operates at full capacity, which is 650,000 barrels per day, Ghana expects to save money by sourcing fuel locally instead of relying on expensive imports from Europe. Currently, these imports cost the country around $400 million every month.

Abdul-Hamid explained that importing fuel from Nigeria would cut transportation costs, helping to lower prices for consumers and businesses. He also mentioned that African countries might consider creating a common currency to reduce the demand for U.S. dollars, which could further stabilize prices.

In a related development, the Dangote Refinery recently shipped its first cargo of petrol. This marks an important milestone for the facility, which is the largest refinery in Africa. The refinery has already received several shipments of crude oil from the Nigerian National Petroleum Company (NNPC) and plans to directly sell refined petrol to local dealers as production increases.

By sourcing fuel from the Dangote Refinery, Ghana aims to make fuel more affordable for its citizens and boost economic stability.