JUST IN: Petrol price to drop as marketers pay N766/litre for Dangote PMS

Dangote Refinery, Aliko Dangote

JUST IN: Petrol price to drop as marketers pay N766/litre for Dangote PMS

Nigerians may no longer pay as much as N898 for a litre of petrol as recently given by the Nigerian National Petroleum Company Limited as the least amount for the product.
This indication emerged with both major and independent marketers confirming that they bought a litre of petrol from the NNPCL at N766.
It was learnt that Mobil now 11Plc, Total Energies, AA Rano and other marketers had begun lifting Dangote petrol from the NNPC Trading Limited at the rate of N765.99 per litre.
Findings showed some petroleum marketers who were able to complete their payment processes on the NNPC trading payment portal commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery.

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A report by BusinessDay quotedTunji Oyebanji, managing director, 11Plc, as confirming on Thursday evening that some marketers had started lifting the products at N765.99 from Dangote Refinery through NNPC, the sole off-taker of product.

“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery,” Oyebanji said.
He added, “We don’t know the contractual financial arrangement between NNPC and the refinery but what I can confirm is we are buying at N765.99 from NNPC to lift Dangote petrol.”
Adedapo Segun, executive vice-president, downstream at NNPC, said marketers could not purchase petrol directly from the refinery because the product was still being sold at a subsidised rate.

“That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price,” he told Journalists.