NNPCL Purchases Petrol from Dangote Refinery at N898 per Liter

The Nigerian National Petroleum Company Limited (NNPCL) has revealed that it purchased petrol (Premium Motor Spirit, PMS) from the Dangote Refinery at N898 per liter. This came after the

company sent around 300 trucks to the 650,000-barrel-per-day refinery in Lagos,

with loading starting on Sunday. Contrary to claims that the fuel was bought at N760 per liter,

NNPCL’s Chief Spokesperson, Olufemi Soneye, confirmed the higher price of N898 for this initial batch and stated that over 70 trucks had already been loaded.

Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy,

previously announced that NNPCL would be the sole buyer of refined petrol from the Dangote Refinery. At a technical meeting held to discuss selling crude oil to local refineries in Naira, Edun,

represented by Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS),

also noted that diesel from the refinery would be sold in Naira to any interested buyers,

while PMS would exclusively be sold to NNPCL, which would then distribute it to various marketers.

the minister

The Minister further explained that the government had finalized all agreements

regarding the sale of crude to local refineries in Naira, a move endorsed by the Federal Executive Council (FEC) under President Bola Tinubu. This initiative aims to reduce pressure on Nigeria’s currency,

the Naira, by eliminating unnecessary transaction costs and improving the availability

of petroleum products in the domestic market.

From October 1, NNPC is expected to supply 385,000 barrels per day of crude oil to the Dangote Refinery,

which will be paid for in Naira. In return, the refinery will provide petrol and diesel to

the local market, also paid for in Naira. All regulatory fees and associated costs, such

as those for the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA), will also be settled in Naira.

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