Petrol: Dangote pump price emerges as NNPC trucks begin loading

petrol pump

Petrol: Dangote pump price emerges as NNPC trucks begin loading

There are indications that petrol may be sold between N857 and N865 per litre at filling stations after the Nigerian National Petroleum Corporation Limited (NNPCL) starts lifting the product from Dangote Refinery today (Sunday).

The NNPCL, as the sole off-taker of petrol from the refinery, is projected to lift the product at N960/N980 per litre and sell to marketers at N840/N850 to enable Nigerians to get it at between N857 and N865 at the pump at filling stations.

Petrol as of Saturday was sold at N855 per litre at NNPCL retail stations in Lagos and it was the cheapest anyone could buy the product while major marketers sold around N920.

At independent marketers’ outlets, the price was over N1,000.
Elsewhere across the country, petrol sold for more than N1,200 per litre.

Negotiations

Vanguard reports the new arrangement from the NNPCL and Dangote Refinery negotiations, spanning more than one week, would allow Nigerians to get petrol at between N857 and N865 per litre and represents an average under-recovery of about N130 to NNPCL.

President Bola Tinubu, according to a Presidency source, made it clear to the negotiating parties that “the price at which petrol would be sold to Nigerians should not place heavy financial burden on them while dealing with the new reality of the prevailing price”.

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has expressed optimism that the deal would reduce the pressure on foreign exchange (FX) demands and shore up the value of the Naira – presently, between 30% and 40% of FX demands go into the importation of petrol.

Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, who confirmed the readiness of the company to start lifting petrol today, told Sunday Vanguard, yesterday: “NNPC Ltd has started deploying our trucks and vessels in the Dangote Refinery to lift PMS in preparation for the scheduled lifting date of September 15th, as set by the refinery.

“Our trucks and personnel are already on-site, ready to begin lifting. We expect more trucks, and the deployment will continue throughout the weekend so we can start loading as soon as the refinery begins operations on September 15, 2024.”