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
IOCs, govt still colluding to frustrate our refinery operation – Dangote
IOCs, govt still colluding to frustrate our refinery operation – Dangote
The President and Chief Executive of Dangote Group, Aliko Dangote, has said internal and external forces are frustrating efforts to get his refinery working optimally.
He particularly indicted the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the International Oil Companies (IOCs) in this latest move to frustrate the operation of his $20 billion refinery.
In a statement on Friday, Africa’s richest man disclosed that the Dangote Refinery’s crude oil supply problem lies with the NUPRC and IOCs in Nigeria.
The statement is a rebuttal to a report that the NNPC supplies Dangote Refinery with about 60 percent of the 50 million barrels lifted.
In the statement, Dangote noted that the primary challenge facing the refinery is NUPRC’s reluctance to enforce domestic supply obligations by IOCs in Nigeria.
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He explained that when Dangote Refinery approached the IOCs for crude supply, they either redirected the company to a third party or responded that their cargoes were committed.
“Our concern has always been NUPRC’s reluctance to enforce the domestic crude supply obligation and ensure that we receive our full crude requirement from NNPC and the IOCs.
“For September, our requirement is 15 cargoes, of which NNPC allocated six. Despite appealing to NUPRC, we’ve been unable to secure the remaining cargoes.
“When we approached IOCs producing in Nigeria, they redirected us to their international trading arms or responded that their cargoes were committed,” he said.
Recall that in July 2024, the NUPRC directed oil refiners in the country to provide monthly price quotes on crude supply to address the challenges facing Dangote Refinery.
In a move to address the crude supply challenge faced by Dangote Refinery, President Bola Tinubu directed NNPCL to sell crude in Naira to the company and other local refineries.
However, as of the time of filing this report, Tinubu’s directive is yet to be implemented.
IOCs, govt still colluding to frustrate our refinery operation – Dangote
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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