The Nigerian National Petroleum Company Limited (NNPCL) has revealed that it purchased fuel from the Dangote Refinery at N898 per liter,Daily Trust reports.
On Saturday, the oil firm deployed around 300 trucks to the 650,000-barrel-per-day refinery in Lagos, with loading beginning on Sunday.
Speaking to Daily Trust about the price of Premium Motor Spirit (PMS), commonly known as petrol, NNPCL’s Chief Spokesperson, Olufemi Soneye, stated, “We successfully loaded PMS at the Dangote Refinery today. The claim that we bought it at N760 per liter is inaccurate. For this first loading, the price from the refinery was N898 per liter.”
As of the time of the report, Soneye confirmed that over 70 trucks had already been loaded.
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Finance Minister and Coordinating Minister of the Economy, Wale Edun, previously announced that NNPCL would serve as the sole off-taker of refined petrol from the Dangote Refinery.
At a meeting of the Technical Sub-Committee on the sale of crude oil to local refineries in Naira, held on Friday, Edun, represented by Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), disclosed that while diesel from the Dangote Refinery would be available for purchase in Naira by any interested buyers, PMS would be exclusively sold to NNPCL, which would then distribute it to various marketers.
Edun also confirmed that all agreements and implementation modalities related to the Federal Executive Council’s (FEC) approval for the sale of crude oil to local refineries in Naira had been finalized. Under this arrangement, crude would be sold to local refineries in Naira, with petroleum products being purchased in Naira as well.
The initiative, approved by FEC under President Tinubu’s administration, aims to reduce pressure on the naira, eliminate unnecessary transaction costs, and improve the availability of petroleum products in Nigeria.
“Since then, the implementation committee, chaired by the Minister of Finance, along with the technical committee, has worked closely with NNPCL and Dangote Refinery to finalize the details of the FEC’s approval. I’m pleased to announce that all agreements have been completed, and the first batch of PMS loading from the Dangote Refinery will commence on Sunday, September 15. Starting October 1, NNPCL will begin supplying approximately 385,000 barrels per day of crude oil to the Dangote Refinery, which will be paid for in Naira,” Edun said.
He further explained that in exchange, Dangote Refinery would provide PMS and diesel of equivalent value to the domestic market, also to be paid for in Naira. Diesel will be available for sale to any off-taker, while PMS will only be sold to NNPCL, which will then distribute it to various marketers. He added that all related regulatory costs, including those from NPA and NIMASA, would also be paid in Naira.
