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- The Dangote Refinery is preparing to begin the sale of Premium Motor Spirit, also known as petrol, to Nigerians
- NNPC Limited will be the first sole buyer, and there are questions about the pricing of the products from the refinery
- Petrol at filling stations sells for more than N900 per litre across the country, and Nigerians are hoping for a change
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.
As the Nigerian National Petroleum Company Limited (NNPC) prepares to commence lifting Premium Motor Spirit (PMS) from the Dangote Refinery starting September 15, 2024, conflicting reports indicate that no formal agreement has been reached between the two entities.
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Punch reports that both the NNPC and Dangote Refinery have yet to finalise on the quantity and pricing of the petrol to be lifted.
A source quoted at the Dangote refinery said that there is no documentation from NNPC and NMDPRA on product lifting.
He said:
"Nobody has spoken to us that they want to pick up PMS on September 15."Earlier, Legit.ng reported that Adedapo Segun, the Executive Vice President of Downstream at NNPC Ltd, stated that NNPC was awaiting the September 15 timeline provided by the refinery.
However, NNPC disclosed in a statement on Saturday, September 7, 2024, that it would only buy Dangote petrol if it sold cheaper than the international market price.
Dangote may export
In what looks like a response, the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, said Dangote petrol would be exported if the NNPC and other marketers refuse to patronise it.
He acknowledged that there were attempts to block the lifting of products from the Refinery and stated that the firm would resort to exporting PMS as much as possible.
He expressed surprise that the gigantic Refinery began to face unforeseen challenges when it was set to start operations.
Protest rocks Delta over fuel price
Earlier, Legit.ng reported that youths, women, and commercial tricycle operators in Warri and Effurun metropolises of Delta state took to the streets in a peaceful protest over the persistent fuel scarcity amid the recent price hike.
The protesters marched through the major roads, calling President Tinubu to urgently intervene and reverse the fuel price hike.
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Source: Legit.ng
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