NNPC to Start Lifting Petrol from Dangote Refinery Sept 15

NNPCL, Dangote Refinery Partner on Petrol Supply

The company is partnering with marketers to extend operating...

NNPCL's Adedapo Segun calls for market-driven fuel prices, citing the company's monopoly on petrol imports as a barrier to realistic pricing.

The Nigeria National Petroleum Company Ltd (NNPCL) has announced that it is eagerly awaiting the September 15 deadline to commence lifting petrol from the Dangote refinery. This was revealed in a statement signed by Olufemi Soneye, Chief Corporate Communications Manager, on Thursday.

According to the statement, Adedapo Segun, Executive Vice President of Downstream at NNPC Ltd, confirmed that the downstream sector has been fully deregulated. This means that the company will no longer be responsible for setting fuel prices, marking a significant shift in the industry.

The announcement puts to rest any uncertainty surrounding NNPCL's participation in price regulation post-deregulation.

 

The statement reads, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”

“On the commencement of lifting PMS from the Dangote Refinery, Segun said that the NNPC Ltd. was awaiting the September 15th timeline provided by the Refinery.”

Segun acknowledged the frustration caused by fuel scarcity, emphasizing that NNPC Ltd is taking steps to address the issue. With nearly a thousand filling stations across the country, the company is partnering with marketers to extend operating hours and guarantee adequate fuel supply.

Dangote Refinery Gets 17.6 Million Barrels from NNPCL

He reassured the public that NNPC Ltd is engaging with authorities to prevent fuel diversions, ensuring timely deliveries to all stations and paving the way for an ease in scarcity as more stations resume operations.

NNPCL revealed that it has already delivered 30 million barrels of crude oil to the Dangote refinery, with plans to supply an additional 17 million barrels soon. The company outlined a detailed delivery schedule, with 6.3 million barrels slated for September and 11.3 million barrels for October.

Adedapo Segun confirmed that 6.3 million barrels have already been delivered this month, with the remaining 11.3 million barrels scheduled for October. He explained that the 6.3 million barrels would be transported in seven cargoes, ensuring a steady supply to the refinery.

However, Segun expressed concerns that the current petrol pump price does not accurately reflect market realities, highlighting the need for a more dynamic pricing mechanism.

Segun highlighted that the current pump price is not influenced by market forces, as NNPCL remains the sole importer of petrol, a situation he deemed unsustainable. He advocated for a market-driven pricing mechanism.

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