The Nigerian National Petroleum Company Limited (NNPCL) has announced that it will begin lifting petrol from the $20 billion Dangote Petroleum Refinery on September 15. However, the price of the petrol will be influenced by foreign exchange rates and market forces due to the deregulated nature of the market, as stated by NNPC Executive Vice President Adedapo Segun.
Oil marketers report that approximately 2,000 tankers are still waiting to load petrol at various depots across Nigeria. The Federal Government has indicated that a significant supply of petrol is expected over the weekend, with vessels already offloading, but has not fixed the price of petrol.
NNPC clarified that it has not yet started lifting petrol from Dangote’s refinery and debunked reports of the product being sold at N897 per litre. Dangote Group’s Chief Branding and Communications Officer, Anthony Chiejina, emphasized that NNPC and Dangote have yet to finalize pricing agreements.
The NNPC has supplied 30 million barrels of crude oil to Dangote’s refinery and plans to deliver an additional 17 million barrels. The refinery’s output and pricing will reflect market conditions and forex rates, with the Federal Government ensuring that prices remain fair and prevent exploitation.
Minister of Petroleum Resources Heineken Lokpobiri reassured Nigerians that there would be increased availability of petrol soon, urging against panic buying and confirming that the government is not fixing prices, as the sector remains deregulated.
