See when Dangote refinery will begin sale of petrol

• NNPC has confirmed that it received assurance from the Dangote Refinery regarding the release of petrol
• Nigerians may not see cheaper pump prices, and NNPC has provided an explanation for the rising prices at filling stations
• In a post shared on its website, the national oil company noted that there are now changes in petrol pricing

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 Limited (NNPC Ltd) has said that the current price of Premium Motor Spirit is determined by market forces.

NNPC says market forces drives prices Photo credit: Bloomberg/contributor
Source: Getty Images

This was disclosed by Adedapo Segun, the Executive Vice President of Downstream at NNPC Ltd, during his appearance on TVC News' 'Journalists' Hangout' show on Thursday, September 6, 2024, according to the Chief Corporate Communications Officer of NNPC Ltd, Olufemi Soneye.

During the program, Segun confirmed that the lifting of crude oil from the Dangote Petroleum Refinery will begin on September 15, 2024.

He also explained that the market has been deregulated, adding that the exchange rate plays a significant role in determining fuel prices.

“The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”

Fuel scarcity at filling stations

Addressing the current fuel scarcity, NNPC's Executive Vice President said that the current fuel scarcity was expected to subside in a few days as more stations recalibrate and begin selling PMS.

He said:

"We are engaging relevant authorities to ensure products diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations re-calibrate and begin operations.”

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