Revealed: Why NNPC is yet to begin product lifting from Dangote Refinery

• The Dangote Petroleum Refinery has debunked a report that the NNPC has begun product lifting at its refinery
• The company disclosed in a statement that the national oil firm is yet to commence product lifting, let alone price fixing
• The statement said that the petroleum market is heavily regulated hence, the refinery cannot fix or influence pricing

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Dangote Refinery has issued a statement on a report alleging that the Nigerian National Petroleum Company Limited (NNPC) has begun lifting from its facility in Lagos.

The company revealed this in a statement signed by Anthony Chiejine, the company’s Group Chief Branding and Communications Officer.

Chairman of the Dangote Group. Aliko Dangote Credit: Bloomberg/Contributor
Source: Facebook

NNPC has not fixed prices of Dangote petrol

According to the statement, the NNPC has yet to commence product lifting at the refinery, let alone setting a price, stating that the PMS market is heavily regulated.

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The refinery stated that it cannot determine, fix, or influence the product price, which falls under the purview of relevant government agencies.

The statement partly reads:

“We would like to state that NNPC has not commenced lifting refined Premium Motor Spirit (PMS), commonly known as petrol, from our Dangote Petroleum Refinery.“Therefore, the issue of fixing the price of petrol lifted from our refinery has not arisen, as we have yet to finalise our contract with NNPC.“The PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector. Hence, we cannot determine, fix, or influence the product price, which falls under the purview of relevant government agencies.”

NNPC increases petrol price as Presidency speaks

Legit.ng reported that the NNPC increased the price of petrol across the country by 37% at N855 and N897 per litre, leading to a public outrage.

The Presidency revealed in a statement on Tuesday, September 3, 2024, that the NNPC's reported increase in PMS price was not intended to mislead the Nigerian public, given that organised labour reached an agreement with the government on a new national minimum wage.

An aide to the President on Information and Strategy, Bayo Onanuga, stated this while clarifying the recent increase in the pump price of PMS across the country.

Subsidy payment is not in the budget

Onanuga disclosed via his X handle that media reports accusing the government of misleading Nigerians about petrol subsidy payments were untrue, claiming that the government had been faithful to its policy of deregulating the downstream sector.

The Special Adviser to Tinubu noted that on May 29, 2023, the President announced that the fuel subsidy was gone, stating that the statement stands true.

Dangote petrol is ready for roll-out

Legit.ng earlier reported that the Dangote Refinery is set to introduce the sale of Premium Motor Spirit (PMS), also known as petrol, into the Nigerian market.

The development comes a few days after the plant began the petrol production test run.

Reports say industry sources confirmed that the product would be available in the market very soon.

Source: Legit.ng