Hope for cheaper petrol dashed as NNPCL claims it bought from Dangote at N898 per litre

Nigerians’ hopes for cheaper petrol may have been dashed as the Nigerian National Petroleum Company Limited (NNPCL) has revealed that it purchased petrol from the Dangote Refinery at N898 per litre. This disclosure comes amid expectations that the new source of petrol might lower prices.

Ripples Nigeria reported that the lifting of petrol from the Dangote Refinery, which has a capacity of 650,000 barrels per day, began on Sunday. Approximately 300 trucks from the NNPCL arrived at the refinery in Ibeju-Lekki, Lagos State, to collect the first batch of petrol.

NNPCL spokesman Olufemi Soneye addressed the price concerns, stating, “We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N760 per litre is incorrect. For this initial loading, the price from the refinery was N898 per litre.”

Read also: At last, NNPC Ltd trucks commence lifting petrol at Dangote refinery

Soneye also mentioned that over 70 trucks had been loaded with petrol from the refinery by the time of the report.

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

At a Technical Sub-Committee meeting on the sale of crude oil to local refineries on Friday, Edun, represented by Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service, announced that diesel from the refinery would be sold in Naira to any interested off-taker, while petrol would be sold exclusively to NNPCL, which would then distribute it to various marketers.

Adedeji also confirmed the completion of agreements and modalities for implementing the Federal Executive Council’s approval for the sale of crude to local refineries and the purchase of petroleum products in Naira.

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