See more as NNPC ends fuel import as marketers confirm Dangote Refinery petrol price

• NNPC limited has confirmed that it has ended the importation of petrol and now patronise Dangote Petroleum Refinery
• Mele Kyari believes that the shift away from imports will help reduce the pressure naira faces on the forex exchange markets
• Aliko Dangote has always stressed that his refinery has the capacity to meet the petrol needs of Nigerians

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian National Petroleum Company (NNPC) Limited has announced that it has stopped importing refined petroleum products.

Mele Kyari, NNPC’s Group Chief Executive Officer who disclosed this while speaking at the the Nigerian Association of Petroleum Explorationists’ (NAPE) conference in Lago said that the company now source its fuel needs from the Dangote Petroleum Refinery and other domestic refineries.

NNPC now buy petrol from Dangote Refinery Photo credit: Bloomberg/contributor
Source: Getty Images

Kyari confirmed that NNPC has now shifted away from importation and will source from local refiners especially Dangote, BusinessDay reports.

His words:

“NNPC does not import any product; we are sourcing entirely from domestic refineries."

Addressing speculation that NNPC may be undermining the Dangote Refinery by refusing to sell crude in naira, Kyari dismissed the claims, stating,

“There is no sabotage. Buying and selling in naira versus dollars makes no difference to us.”

He stressed that this approach would not only reduce the strain on Nigeria's foreign exchange reserves but also help curb inflation driven by fuel imports

Dangote petrol price

Meanwhile, Punch reports that the Independent Petroleum Marketers Association of Nigeria has revealed that the price of petrol from the Dangote plant is N940/litre and N990/litre when purchased using ships and trucks, respectively.

IPMAN President, Abubakar Garima, said the retail pump prices of petrol at its retail outlets will drop following the agreement with the Dangote refinery to lift products directly from the plant.

Ghana proposes ECOWAS currency for Dangote petrol

Meanwhile, Legit.ng earlier reported that Ghana hinted that African countries would agree on a common currency to buy Dangote petrol to dampen demand for dollars.

The West African nation also expressed interest in buying petroleum products from the refinery once it operates at full capacity.

The head of the country's oil regulator said that patronising the Nigerian refinery would cut more expensive exports from Europe.

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Source: Legit.ng