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
We cannot sabotage Dangote refinery after investing billions of naira in it — NNPC
We cannot sabotage Dangote refinery after investing billions of naira in it — NNPC
The Nigerian National Petroleum Corporation (NNPC) Limited has reiterated that it is not involved in any sabotage of the Dangote Refinery, highlighting its substantial investment of billions of naira in the plant.
In a recent interview on the Bereke Family Radio Programme, which was published on YouTube on Sunday, Olufemi Soneye, the Chief Corporate Communications Officer of NNPC, stated that the oil company had invested billions of naira in the refinery.
He emphasized that It would be counterproductive for NNPC to undermine the plant, as doing so would be against its own interests.
He also confirmed that NNPC holds a 7.2% stake in the refinery, emphasizing that this investment reflects the national oil company’s strong belief in the success of the 650,000-barrel-per-day petrochemical plant.
“We want all Nigerians to know that NNPC limited doesn’t have any issue at all with Dangote Refinery. We are part of the owners of Dangote refinery and we will want it to collapse.
“We put billions of naira into Dangote refinery. As of today, we have 7.2% stake in the refinery. So why would we want to sabotage such a company?
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“Now, on the issue Mr. Farouq raised, he doesn’t work for NNPC. Mr. Farouq Ahmed is the head of Nigeria’s mainstream and downstream petroleum regulatory authorities. They have power over all the refineries. Anything that has to with distribution of petrol, they are in charge. In fact, they are superior to us in that area. We don’t have anything to do with them,” Soneye said.
In addition, Soneye explained the reason behind NNPC’s decision to reduce its stake in Dangote refinery to 7.2%.
He said NNPC chose rather to reallocate its investment into Compressed Natural Gas (CNG) projects across the country.
He mentioned that NNPC realized that CNG is very affordable as a better energy alternative for Nigerians.
According to him, an average Nigerian can fill up his car with N10,000 with CNG, creating a huge investment opportunity in the energy space.
“The reason we reduce our stakes in Dangote refinery is because we want to invest in CNG. We see that CNG is very cheap and all over the world people are investing in clean, cheaper, energy alternative.
“That’s why you see that NNPC is building different CNG stations across everywhere.
“Because we see that for N10,000, Nigerians can fill their cars and use it for two weeks. We realize that gas is cheaper in Nigeria, why don’t we invest in it?,” Soneye added.
We cannot sabotage Dangote refinery after investing billions of naira in it — NNPC
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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