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The Nigerian National Petroleum Company Limited (NNPC Ltd) on Sunday said it bought petrol from Dangote refinery at N898 per litre.
Olufemi Soneye, the chief corporate communications officer of the company, disclosed this to PREMIUM TIMES in an interview on Sunday evening.
Mr Soneye emphasised that market forces determine domestic pump prices.
“What you need to understand is that it’s market forces that determine the price. For instance, now Brent is $70 let’s say tomorrow now, Brent goes to $80, you should note that the price will also increase because those are the market forces.
“But today, for this initial 16.8 million litre that was given to us, it was at the rate of N898,” Mr Soneye told PREMIUM TIMES.
Earlier in the month, Devakumar Edwin, vice president at Dangote Industries Limited, said the 650,000 barrels per day Dangote Refinery has begun the processing of petrol.
Mr Edwin explained that the NNPC Limited would buy its product exclusively.
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On Friday, the Nigerian government announced that loading of petrol from Dangote Refinery will begin on Sunday.
The government said petrol from the Dangote refinery will only be sold to NNPC Ltd which will then sell to various marketers in the short term.
On Saturday the state-owned oil company said it had deployed over 100 trucks as of Saturday afternoon. Confirming the development, Mr Soneye said by the end of Saturday, at least 300 trucks will be stationed at the refinery’s fuel loading gantry.
On Sunday, the NNPC released videos showing its trucks loading petrol from the refinery.
The refinery is expected to significantly boost Nigeria’s fuel supply stability.
Experts have said that the commencement of operations at Dangote Refinery will not lead to a significant drop in petrol prices in Nigeria.
READ ALSO: PHOTOS: NNPC deploys trucks ahead of petrol loading at Dangote refinery
The experts, who spoke to PREMIUM TIMES in an interview on Thursday, said the refinery’s operations will lead to a more stable and predictable supply of petroleum products, reducing the volatility in prices caused by importation and supply chain disruptions.
However, they cautioned Nigerians against expecting a sudden and drastic drop in pump prices.
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