The Nigeria National Petroleum Company Ltd (NNPCL) has stated that it is waiting on the September 15th deadline to begin lifting petrol from the Dangote refinery.
This was disclosed by the company in a statement signed by its Chief Corporate Communications Manager, Olufemi Soneye on Thursday revealing the details of the company’s Vice President, Downstream interview.
Citing Adedapo Segun, the Executive Vice President of Downstream at NNPC Ltd, Soneye confirmed that the downstream sector has been fully deregulated, meaning the company will no longer set fuel prices.
The statement also dispels any lingering doubts about NNPCL’s involvement in price regulation following the sector’s deregulation.
The statement reads, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”
“On the commencement of lifting PMS from the Dangote Refinery, Segun said that the NNPC Ltd. was awaiting the September 15th timeline provided by the Refinery.”
Segun remarked that no reasonable person would be comfortable with the ongoing fuel scarcity. He noted that NNPC Ltd. operates nearly a thousand filling stations across the country and is working with marketers to ensure that stations open early and close late to maintain adequate fuel supply for Nigerians.
He also assured the public that NNPC Ltd. is engaging with relevant authorities to prevent product diversions and ensure timely deliveries to all stations, expressing optimism that the scarcity would ease in the coming days as more stations recalibrate and resume full operations.
NNPCL disclosed that it had already supplied 30 million barrels of crude oil to the Dangote refinery and planned to supply an additional 17 million barrels soon. The company further outlined that 6.3 million barrels would be delivered in September and 11.3 million barrels in October.
Segun stated that 6.3 million barrels had already been delivered this month, with the remaining 11.3 million scheduled for October. He also noted that the 6.3 million barrels would be shipped in seven cargoes but raised concerns that the current petrol pump price did not reflect market realities.
Segun emphasized that the pump price was not market-driven, pointing out that NNPCL remained the sole importer of petrol in the country, a situation he described as abnormal. He stressed that fuel prices should be determined by market forces rather than by any single entity.