NNPCL Clarifies Dangote Refinery Fuel Price

NNPCL Denies N760 Fuel Price at Dangote Refinery

“We successfully loaded PMS (petrol) at the Dangote Refinery today. The claim that we purchased it at N760 per litre is incorrect. For this initial loading..."

Nigeria's government directs sale of crude oil to local refineries in naira to ease pressure on currency, reduce costs, and improve petroleum product supply, amid recent petrol price hike to N855.

NNPCL has clarified that it purchased petrol from Dangote Refinery at N898 per litre, contrary to earlier reports of N760 per litre.

On Saturday, NNPCL dispatched approximately 300 trucks to the 650,000-barrel-capacity Dangote Refinery in Lagos, with loading operations commencing on Sunday.

“We successfully loaded PMS (petrol) 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,” NNPCL spokesman, Olufemi Soneye, said on Sunday.

Minister of Finance Wale Edun announced that NNPCL will be the exclusive buyer of petrol from Dangote Refinery.

At Friday's Technical Sub-Committee meeting, Edun clarified that diesel from Dangote Refinery can be purchased in naira by any interested buyer, whereas petrol sales will be restricted to NNPCL, which will then distribute to marketers.

President Bola Tinubu's Federal Executive Council approved the sale of crude oil to local refineries in naira, aiming to reduce pump prices and increase supply.

The government's directive to sell crude oil to local refineries in naira aims to alleviate pressure on the currency, cut unnecessary transaction costs, and enhance the domestic supply of petroleum products.

NNPCL recently raised the pump price of petrol (PMS) to N855, a move expected to be offset by the new policy, which seeks to increase availability and reduce costs.