The Nigerian National Petroleum Company Limited (NNPCL) has confirmed that it purchased Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Refinery at N898 per litre.
This was disclosed after the national oil firm deployed around 300 trucks to the 650,000-barrel capacity refinery in Lagos, with loading commencing on Sunday.
In an interview with Daily Trust, Chief Spokesperson of NNPCL, Olufemi Soneye, clarified the price of the fuel, addressing misconceptions.
“We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N760 per litre is incorrect. For this initial loading, the price from the refinery was N898 per litre,” Soneye stated.
He also revealed that over 70 trucks had been loaded by the time of the report.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, had previously announced that NNPCL would be the sole off-taker of refined petrol from the Dangote Refinery.
Speaking at the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira, Edun’s representative, Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), explained the terms of the agreement.
Diesel produced by the refinery will be available for sale in Naira to any interested buyer, while PMS will only be sold to NNPCL, which will then distribute it to various marketers.
Edun highlighted that all agreements had been finalized, with the first batch of PMS scheduled for loading on September 15.
The minister also noted that from October 1, NNPCL would begin supplying approximately 385,000 barrels of crude oil per day to the Dangote Refinery, with payments made in Naira.
This initiative, approved by the Federal Executive Council (FEC) under President Bola Tinubu, is designed to reduce pressure on the Naira, lower transaction costs, and ensure improved availability of petroleum products in Nigeria.
Additionally, the government is establishing a one-stop shop in Lagos to streamline regulatory processes and ensure smooth service provision from all relevant agencies and stakeholders involved in this initiative.