JUST IN: NNPCL Confirms Buying 16.8 Million Litres Of Petrol From Dangote At N898 Per Litre

JUST IN: NNPCL Confirms Buying 16.8 Million Litres Of Petrol From Dangote At N898 Per Litre—The Nigeria National Petroleum Company Ltd (NNPCL) has confirmed that it bought petrol from Dangote refinery at N898 per litre and has so far received 16.8 million litres of PMS. 

In a chat with Nairametrics, the Corporate Communications Manager of the company, Olufemi Soneye stated that claims that it bought PMS at N1,300 or N760 were incorrect and the N898 was the current loading price.

He said, “We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N1,300 per liter or N760 is incorrect. For this initial loading, the price from the refinery was N898 per liter. The price is determined by market forces. Its a deregulated market. I can also confirm, in response to inquiries, that we will receive 16.8 million liters.”

The NNPC began loading PMS from the Dangote refinery on Sunday 15th September, 2024 after months of delays both from the NNPC on the price and other business details and also the final work on the part of the refinery.

Before operations began, Femi Soneye, Chief Corporate Communications Officer (CCCO) of NNPC Ltd, announced on Saturday that by the end of the day, at least 300 trucks would be positioned at the refinery’s loading gantry, ready for the scheduled petrol loading on Sunday, September 15.

Backstory

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, recently announced that NNPCL would serve as the exclusive off-taker for refined petrol from the Dangote Refinery.

• During the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira, Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), representing the Finance Minister, explained that while diesel from Dangote Refinery would be available for purchase in Naira to any interested off-taker, PMS (petrol) would only be sold to NNPCL, which would then distribute it to various marketers.
• Additionally, he confirmed the finalisation of agreements and procedures for implementing the Federal Executive Council (FEC) approval, which allows for the sale of crude oil to local refineries in Naira and the corresponding purchase of petroleum products in Naira. This decision was previously endorsed by the FEC under President Tinubu’s leadership.
• The government explained that this initiative was designed to ease pressure on the Naira, cut down on unnecessary transaction costs, and enhance the availability of petroleum products across the country.