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BUSINESS

N898/Litre: NNPCL reveals purchasing price from Dangote Refinery

September 15, 2024 • 2 min read

September 15, 2024

By Samuel Ogunsona

The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that it purchased fuel from Dangote Refinery at a price of N898 per litre.

This was contradicting earlier reports of N760 per litre.

The company loaded over 70 trucks with Premium Motor Spirit (PMS) from the refinery on Sunday, with plans to distribute it to various marketers.

According to Olufemi Soneye, Chief Spokesperson of NNPCL, the initial loading was successful, and the company is working to improve the availability of petroleum products in the country.

The purchase is part of a government initiative to reduce pressure on the naira, eliminate transaction costs, and increase fuel availability.

The Federal Executive Council (FEC) had approved the sale of crude to local refineries in naira and corresponding purchase of petroleum products in naira, with NNPCL as the sole off-taker of refined petrol from Dangote Refinery.

“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.

The Minister further stated that all related regulatory fees, including those owed to the Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA), will also be settled in Naira.

Additionally, the Government is establishing a one-stop shop in Lagos to streamline services from various regulatory agencies, security forces, and stakeholders, ensuring a seamless execution of this initiative.