NNPCL Confirms Petrol Purchase from Dangote Refinery at N898 Per Litre
By Okafor Joseph, September 16, 2024
The Nigerian National Petroleum Company Limited (NNPCL) has confirmed the purchase of petrol from the Dangote Refinery at a price of N898 per litre, contrary to widespread reports that the fuel was acquired at N760 per litre. This was revealed as NNPC began dispatching approximately 300 trucks to the refinery, which has a capacity of 650,000 barrels per day, located in Lagos.
On Sunday, NNPCL spokesperson Olufemi Soneye disclosed to Daily Trust that loading operations had commenced at the refinery. Soneye clarified the pricing, stating, “We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N760 per litre is incorrect. For this initial loading, the price from the refinery was N898 per litre.” At the time of the announcement, more than 70 trucks had been loaded.
The petrol distribution from Dangote Refinery kicked off over the weekend, with SaharaReporters sharing news that the first set of trucks had left the refinery in Ibeju Lekki, Lagos. The Dangote Group, owned by Aliko Dangote, Africa’s richest man, posted visuals on their X (formerly Twitter) account, showcasing the trucks loaded with petrol departing the facilities. The caption read, “HAPPENING NOW: First set of trucks set for loading of PMS at the Dangote Petroleum Refinery.”
The Nigerian government had previously announced that the supply of petrol from the Dangote Refinery would begin on September 15, 2024, following the finalization of agreements regarding pricing and supply terms. This marked a major step forward for the refinery, which is projected to significantly enhance the country’s fuel production capacity.
Zacch Adedeji, Chairman of the Federal Inland Revenue Service and a member of the Presidential Committee on the Sale of Crude Oil and Refined Products, stated that NNPCL would be the sole off-taker of petrol from the Dangote Refinery, while other marketers would source their fuel through the national oil company. Starting October 1, 2024, NNPCL will begin supplying 385,000 barrels of crude oil daily to the refinery, with payments made in Naira.
This development represents a significant milestone for Nigeria’s oil industry, as the Dangote Refinery is expected to reduce the country’s reliance on imported fuel while boosting local production.
