The Nigerian National Petroleum Company Limited has announced that it plans to supply the 650,000 barrels per day Lagos-based Dangote refinery additional 17 million barrels of Crude oil in the coming days.
The Executive Vice President of NNPCL Downstream, Adedapo Segun disclosed in an interview on Arise Television, noting the Nation’s oil firm has already supplied Dangote Refinery with 30 million barrels of crude in September 2024.
According to Segun, the company will supply 6.3 million barrels in September and an additional 11.3 million barrels in October.
“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,” Segun stated.
This comes amid the kickoff of PMS production by Dangote Refinery at the same time the price of the product rose to N897 and N855 per liter from N617.
Reacting to the development, Segun said “The pump price today is not reflective of the market. 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”.
He clarified that NNPC’s role as the sole importer of petrol was not a deliberate decision but rather a response to market conditions.
“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,” Segun stated.
Recall that the Federal Executive Council on July 29th, 2024 approved the sale of crude oil to Dangote Refinery and other local Refineries in Naira instead of Dollars.
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