Four days before the September 15, 2024, date announced for the Nigerian National Petroleum Company Limited (NNPC) to begin lifting Premium Motor Spirit (PMS) from the Dangote Refinery, investigations reveal that no commercial agreement has been reached between the two parties.
Despite public statements made earlier by NNPC’s Executive Vice President of Downstream, Adedapo Segun, indicating that petrol lifting would start on September 15, sources from both NNPC and Dangote confirmed on Tuesday that no deal has been finalized on the pricing or quantity of petrol to be lifted.
An official from Dangote Refinery, speaking anonymously, stated that no documentation or agreements on product lifting have been completed, making it unlikely that the national oil company will proceed with lifting PMS on the announced date.
While discussions continue, business experts, including Dan Kunle, are urging President Bola Tinubu to intervene to ensure that the unresolved issues do not exacerbate the current fuel and socioeconomic crisis in the country.
Meanwhile, the Crude Oil Refiners Association of Nigeria (CORAN) suggested that Dangote’s petrol prices could be lower if the government grants the necessary concessions, though concerns remain about potential high prices if such agreements are not reached in time. Marketers fear the price could rise as high as N1,000 per liter.
Discussions between NNPC, Dangote Refinery, and CORAN are ongoing, with all parties urging patience as negotiations continue to shape the future of local refining and fuel pricing in Nigeria.
