BREAKING: Dangote Announce New Price As NNPC Begins Lifting Petrol From Refinery

The Nigerian National Petroleum Company Limited (NNPCL) has revealed that Dangote Refinery sold fuel to them at N898 per litre.

Recall that the NNPCL began loading on Sunday, after moving about 300 trucks to the 650,000 capacity refinery in Lagos.

But their spokesman, Olufemi Soneye, has now clarified the price at which they bought it.

The Nigerian National Petroleum Company Limited (NNPCL) has revealed that Dangote Refinery sold fuel to them at N898 per litre.

NNPCL began loading on Sunday, after moving about 300 trucks to the 650,000 capacity refinery in Lagos.

But their spokesman, Olufemi Soneye, has now clarified the price at which they bought it. “We successfully loaded PMS at the Dangote Refinery today,” Soneye told Daily Trust.

“The claim that we purchased it at N760 per liter is incorrect. For this initial loading, the price from the refinery was N898 per liter.”

At least, over 70 trucks have been loaded so far.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, had announced that NNPCL would be the sole off-taker of refined petrol from Dangote Refinery.

At the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira, on Friday, the Finance Minister who was represented by Zacch Adedeji, Executive Chairman of Federal Inland Revenue Service (FIRS), had said diesel from the Dangote Refinery would be sold in Naira to any interested off-taker, while PMS would only be sold to NNPCL, which will then sell to various marketers.

HAPPENING NOW: First set of trucks set for loading of PMS at the Dangote Petroleum Refinery. pic.twitter.com/rEPbjGqCS0

— Dangote Group (@DangoteGroup) September 15, 2024

He announced the completion of all agreements and modalities for the implementation of the Federal Executive Council (FEC) approval on the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.

FEC under the leadership of President Tinubu had approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.

The government explained that the initiative was aimed at reducing pressure on the naira, eliminating unnecessary transaction costs, and improving the availability of petroleum products in the country.

“Since then, the implementation committee chaired by the Hon. Minister of Finance and the technical committee have worked intensely with NNPCL and Dangote Refinery to fashion out the details of the modalities for the implementation of the FEC approval.

“I am glad to announce that all agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September. From 1st October, NNPC will commence the supply of about 385kbpd of crude oil to the Dangote Refinery to be paid for in Naira.

“In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid for in Naira. Diesel will be sold in Naira by the Dangote Refinery to any interested offtaker. PMS will only be sold to NNPC, NNPC will then sell to various marketers for now,” he said.

He added that all associated regulatory costs (NPA, NIMASA, etc.) will also be paid for in Naira.

The government, according to the minister was also setting up a one-stop shop in Lagos, that will coordinate service provision from all regulatory agencies, security agencies, and other stakeholders to ensure a smooth implementation of this initiative.