The statement further emphasized that the refinery sold the product to NNPCL in dollars, offering significant savings compared to current import prices, and reassured that the refinery would help alleviate fuel scarcity across Nigeria by ensuring availability in every local government area.
Business
Fuel scarcity: NNPC blames thunderstorm, logistics, marketers disagree
Fuel scarcity: NNPC blames thunderstorm, logistics, marketers disagree
The Nigerian National Petroleum Company Limited (NNPCL) has attributed the current fuel supply shortage to logistics issue and flooding in the coastal part of the country.
But marketers suspect the short supply was due to suspended importation of fuel in anticipation of supply coming this month from Dangote refinery.
The scarcity of Premium Motor Spirit (PMS), commonly known as petrol, has intensified in Abuja, Lagos, and other states, with many filling stations closed and few dispensing having long queues
Many motorists have resorted to buying from the black marketers selling the product in gallons at exhorbitant rate. A 10-litre of petrol was sold between N10,000 and N13,000, about 100 per cent increase.
Giving reasons for the latest shortage, the NNPC Limited in a statement by the Chief Corporate Communications Officer, Mr. Olufemi Soneye, said adverse weather also affected ship-to-ship transfers of the product to the ports.
He said, “The NNPC Ltd wishes to state that the fuel queues seen in the FCT and some parts of the country were as a result of disruption of ship-to-ship (STS) transfer of Premium Motor Spirit (PMS), also known as petrol, between Mother Vessels and Daughter Vessels resulting from recent thunderstorm.
“The adverse weather condition has also affected berthing at jetties, truck load-outs and transportation of products to filling stations, causing a disruption in station supply logistics.
“The NNPC Ltd also states that due to flammability of petroleum products and in compliance with the Nigerian Meteorological Agency (NiMet) regulations, it was impossible to load petrol during rainstorms and lightning.”
Soneye also said, “Adherence to these regulations is mandatory as any deviation could pose severe danger to the trucks, filling stations and human lives.
“Similarly, the development was compounded by consequential flooding of truck routes which has constrained movement of PMS from the coastal corridors to the Federal Capital, Abuja.”
He however stated that the NNPC Ltd was already working with relevant stakeholders to resolve the logistics challenges and restore supply.
“Already, loading has commenced in areas where these challenges have subsided, and we are hoping the situation will continue to improve in the coming days and full normalcy will be restored”, he assured motorists.
He urged them to “avoid panic buying and hoarding of petroleum products”.
But the Public Relations Officer, Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Chinedu Ukadike, said marketers had not received the product for some time.
He said it was possibly due to the expected delivery of petrol from the Dangote refinery.
He said marketers were threading cautiously in order not to incur losses should the petrol price crash as a result of supply from the refinery.
He said, “Supply has become epileptic again and we have not received adequate supply in recent times, remember we still depend on the importation of products.
“Once there is any shortage in supply or logistic problem or procrastination, then the impact is almost immediate.
“I also believe that since Dangote announced its petrol supply intention, those supplying NNPC are sceptical of bringing in products because they don’t want to incur the losses which they suffered when Dangote entered the market and slashed the price of AGO (Automated Gas Oil popularly known as diesel).”
Business
NNPC hints petrol may rise above N1,000/litre, releases fresh price list
NNPC hints petrol may rise above N1,000/litre, releases fresh price list
The Nigerian National Petroleum Company Limited (NNPCL) has hinted that the price of premium motor spirit (PMS), also known as petrol, may rise above N1,000 per litre in its retail stations.
In a notice on Monday, NNPC Ltd released estimated prices of petrol (obtained from the Dangote Refinery based on September 2024 pricing) in its retail stations across the country.
According to the notice, the estimated pump prices include Lagos, N950 per litre; Sokoto, N992 per litre; Oyo, N960 per litre; Kano, N999 per litre; Kaduna, N999 per litre; FCT, N992 per litre; Rivers, N980 per litre; and Borno, N1019 per litre.
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The company said in line with the provisions of the Petroleum Industry Act (PIA), petrol prices are not set by the government, but negotiated directly between parties.
“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.
“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.” the notice said.
NNPC hints petrol may rise above N1,000/litre, releases fresh price list
Business
Dangote Refinery: Tinubu committee to announce petrol price on October 1
Dangote Refinery: Tinubu committee to announce petrol price on October 1
Dangote Group has responded to reports claiming that it sold premium motor spirit (PMS) to the Nigerian National Petroleum Company Limited (NNPCL) at N898 per litre, calling the reports “misleading and malicious.”
In a statement issued by Chief Branding and Communication Officer Anthony Chiejina, Dangote Group did not confirm the specific price at which the product was sold, only stating that it was sold in dollars.
Olufemi Soneye, the NNPCL’s chief spokesperson, had previously stated that the company purchased the PMS at N898 per litre, correcting an earlier report that suggested the price was N760 per litre.
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Dangote’s statement criticized Soneye’s report as intentionally misleading, aimed at undermining the achievement of the Dangote Refinery’s recent milestone in addressing Nigeria’s energy challenges. The statement urged Nigerians to disregard the misleading claims and wait for the official price announcement from the Technical Sub-Committee on Naira-based crude sales to local refineries, which will be made on October 1, 2024.
Business
JUST IN: Northern regions to pay more for petrol after NNPC announces Dangote price
JUST IN: Northern regions to pay more for petrol after NNPC announces Dangote price
The Nigerian National Petroleum Company Limited (NNPCL) has announced that petrol sourced from the Dangote Refinery will be sold at prices exceeding N1,000 per litre in northern Nigeria.
According to a statement by NNPC spokesperson Olufemi Soneye, the cost of petrol could reach N1,019 per litre in Borno State and N999.22 in cities such as Abuja, Sokoto, and Kano.
In contrast, the price for petrol in southern regions, including Oyo and Rivers states, will be approximately N960 per litre. Lagos and its surrounding areas will see the lowest price, set at N950 per litre.
The announcement, made in a statement titled ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’, provides an overview of the anticipated retail prices across the country.
“The NNPC Ltd has released estimated prices of Premium Motor Spirit, also known as petrol (obtained from the Dangote Refinery) in its retail stations across the country.
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“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act, PMS prices are not set by the government, but negotiated directly between parties at an arm’s length,” he stated.
The company explained that the product it loaded on Sunday was paid for in dollars.
“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as naira transactions will only commence on October 1, 2024.
“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100 per cent to the general public,” the statement added.
He stated that the estimated pump prices of PMS were obtained from the Dangote Refinery and will be across NNPC retail stations in the country, based on September 2024 pricing.
Recall that the Dangote Group had disagreed with the NNPC on Sunday that it was selling PMS at N898, but it failed to release its price list.
JUST IN: Northern regions to pay more for petrol after NNPC announces Dangote price
(Punch)
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