NNPCL has made the Dangote refinery’s petrol price public.

 

NewsOnline Nigeria reports that the Nigerian National Petroleum Company Limited (NNPCL) has revealed that it purchased petrol at N898 per litre from the Dangote Refinery, contradicting earlier claims of a lower price.

 

In a statement issued to Daily Trust on Sunday, the Chief Spokesperson of the NNPCL, Olufemi Soneye, clarified that the price of Premium Motor Spirit (PMS), commonly known as petrol, was significantly higher than previously reported figures.

 

The NNPCL had mobilized approximately 300 trucks to the Dangote Refinery’s 650,000 barrels per day capacity in Lagos. Loading operations commenced on Sunday, with over 70 trucks having been loaded by the time of the report.

 

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, had announced that NNPCL would be the sole off-taker of refined petrol from Dangote Refinery.

 

At the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira, on Friday, the Finance Minister who was represented by Zacch Adedeji, Executive Chairman of Federal Inland Revenue Service (FIRS), had said diesel from the Dangote Refinery would be sold in Naira to any interested off-taker, while PMS would only be sold to NNPCL, which will then sell to various marketers.

 

He announced the completion of all agreements and modalities for the implementation of the Federal Executive Council (FEC) approval on the sale of crude to local refineries in Naira and the corresponding purchase of petroleum products in Naira.

 

“Since then, the implementation committee chaired by the Hon. Minister of Finance and the technical committee have worked intensely with NNPCL and Dangote Refinery to fashion out the details of the modalities for the implementation of the FEC approval.

 

“I am glad to announce that all agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September. From 1st October, NNPC will commence the supply of about 385kbpd of crude oil to the Dangote Refinery to be paid for in Naira.

 

“In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid for in Naira. Diesel will be sold in Naira by the Dangote Refinery to any interested offtaker. PMS will only be sold to NNPC, NNPC will then sell to various marketers for now,” he said.

 

He added that all associated regulatory costs (NPA, NIMASA, etc.) will also be paid for in Naira.