Dangote Petrol: We Buy Petrol NNPCL ₦898 Per Litre – NNPC

Dangote Petrol: We Buy Petrol NNPCL ₦898 Per Litre – NNPC

NNPC Discloses Purchase Price Of Dangote Petrol

On Monday, September 16, 2024, The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that it buys petrol at N898 from Dangote Refinery.

The national oil company said 300 trucks were made ready at the Dangote refinery on Saturday in a view that the commencement of the petroleum product will start on Sunday.

NNPC made this revelation through Olufemi Soneye, the firm’s Chief Spokesperson, said, “We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N760 per liter is incorrect. For this initial loading, the price from the refinery was N898 per liter.”

As of the moment of filing the report, 70 trucks were reported to have been loaded with Premium Motor Spirit (PMS), popularly known as petrol, from the Dangote Refinery. Dangote Petrol: We Buy Petrol NNPCL ₦898 Per Litre – NNPC

It can be recalled that on Friday, Minister of finance and coordination minister of the economy, Olawale Wale, through the executive Chairman of Federal Inland Revenue Service, Zacch Adedeji, revealed that the NNPC would be the only off-taker of the petroleum product from Dangote Refinery.

Also, it was revealed at the meeting of the Technical Committee on the sale of crude oil to local refineries in Naira that diesel and other petroleum products from Dangote refinery could be sold to any interested party but the petrol, to NNPC and interested marketers can only get the product from NNPC ltd.

In the meeting, it was also confirmed that agreements had been reached and all modalities had been completed between the Federal Executive Council (FEC), Dangote refinery, other local refineries and stakeholders that sales and purchase of the petroleum product will be made in Naira.

The policy of transacting in Naira, as disclosed by the Government, is target at easing pressure on the Naira, eradicating unwarranted cost of transactions and boosting supply and availability of the petroleum product across the country. Dangote Petrol: We Buy Petrol NNPCL ₦898 Per Litre – NNPC

“Since then, the implementation committee chaired by the Hon. Minister of Finance and the technical committee have worked intensely with NNPCL and Dangote Refinery to fashion out the details of the modalities for the implementation of the FEC approval.

“I am glad to announce that all agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September.

It was also disclosed during the meeting that from 1^st October, 2024, NNPC will start to supply crude oil in amount about 385kbkpd to Dangote refinery which is expected to be paid for in Naira.

“In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid for in Naira. Diesel will be sold in Naira by the Dangote Refinery to any interested off-taker. PMS will only be sold to NNPC, NNPC will then sell to various marketers for now,” he said.

He furthered by saying that all other associated costs from concerned Agencies like Nigerian Port Authority (NPA) will also be settled in Naira to further strengthen and ease the pressure on the local currency.

The minister also stated that the government was in a running to establish an outlet in Lagos which will guide and control regulatory agencies, security agencies and other involved stakeholders to ensure and bring about positivity in the implementation of the initiative. Dangote Petrol: We Buy Petrol NNPCL ₦898 Per Litre – NNPC

Based On The Feedback From NNPC, My Price Pyramid Prediction Is, Thus:

Dangote Sale Price = N898

NPPC Sale Price = N898 + X?

Marketers Sale Price = N898 + X? + X?

Petrol Station Sale Price = N898 + X? + X? + X? = Find X?

Fingers crossed as the public is waiting to know the actual price of Dangote refinery’s petrol for the users.

‘It Is Not True, Stop Misleading Nigerians’ – Dangote Refinery

Reacting to the NNPC’s claim, Dangote refinery via its verified official X, formerly Twitter, account, lambasted Nigerian National Petroleum Company Limited (NNPCL) for feeding the general public false claim.

https://x.com/DangoteGroup/status/1835416788521423104?t=aIC3RARVoEBj-j03PYBGhQ&s=19

Dangote refinery, in the post, has said the its attention has been to a false claim made by Mr. Olufemi Soneye, NNPCL spokesperson, that Dangote Refinery sells its petrol to NNPC as N898 per litre.

A claim regarded as misleading and mischievous by Dangote refinery which it said it was made to erode the monumental achievement made by Dangote Group amidst energy insufficient and insecurity which has militated against the progress of the country’s economy in the last five decades.

“It said, Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL. Dangote Petrol: We Buy Petrol NNPCL ₦898 Per Litre – NNPC

“This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years.

“We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.

“It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature.

“We assure Nigerians of availability of quality petroleum products and putting an end to the endemic fuel scarcity in the country,” It concluded.

Dangote Petrol: We Buy Petrol NNPCL ₦898 Per Litre – NNPC