NNPC Ltd Supplied 30m Barrels Of Crude Oil To Dangote Refinery
NNPC Ltd Supplied 30m Barrels Of Crude Oil To Dangote Refinery
The Nigerian National Petroleum Company (NNPC) Limited has supplied 30 million barrels of crude oil to the Dangote Petroleum Refinery, the company’s Executive Vice President, Downstream, Adedapo Segun, disclosed on Thursday.
It was earlier reported that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Tuesday, signed an agreement with NNPC Ltd to sell crude oil to Dangote refinery in Naira.
A statement by the NMDPRA said the deal is in line with the recent approval by the Federal Executive Council (FEC) to sell crude oil to Dangote Refinery and other indigenous refineries in Naira as well as buy petroleum products from the Dangote Refinery in Naira.
Speaking on Thursday when he featured on Arise Television, Segun said the NNPC will supply 6.3 million barrels to Dangote Refinery in September and 11.3 million barrels in October. He said the 6.3 million barrels will be delivered in seven cargoes.
“We have supplied about 30 million barrels to Dangote so far—6.3 million this month, and we will supply 11.3 million in October,” he said.
Speaking on the recent hike in petrol price, Segun said, “The pump price today is not reflective of the market. The NNPCL is the sole importer of Premium Motor Spirit (PMS) in the country, which is abnormal. We should be moving towards a situation where the free market determines prices.
“Let me put it into proper perspective. NNPC is not a regulator. We didn’t choose to be the sole importer. We don’t determine who participates in the market. We stepped in when others reduced their participation. It is not about us wanting to be monopolists.
“Market conditions need to be ideal, and there needs to be FX liquidity.”
Meanwhile, the Dangote Petroleum Refinery has said the NNPC was yet to commence commercial lifting of refined petrol from its facility.
Dangote Group’s Chief Branding and Communications Officer, Anthony Chiejina, made the clarification amid reports that the national oil company retail outlet is selling petrol products from Dangote Refinery at a pump price of N897 per litre.
“Our attention has been drawn to a headline, “NNPC lifts Dangote Petrol, sells at N897 per litre” published in the BusinessDay Newspapers of Wednesday, 4 September 2024.
“We would like to state that NNPC has not commenced lifting of refined Premium Motor Spirit (PMS), commonly known as petrol, from our Dangote Petroleum Refinery.
“Therefore, the issue of fixing the price of petrol lifted from our refinery does not arise, as we are yet to finalise our contract with NNPC.
“The PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence we can not determine, fix, or influence the product price, which falls under the purview of relevant government authorities.
“We urge the public to disregard the headline as it is misleading and does not represent the true position in this matter.
“We are guaranteeing Nigerians of exceptionally high quality petroleum products that will be readily available all over the country.”
