Uncertainty Surrounds NNPCL’s Plan to Lift Dangote Refinery’s Petrol

The Nigerian National Petroleum Company Limited’s (NNPCL) plan to lift Premium Motor Spirit (PMS) from Dangote Refinery by September 15, 2024, is facing a new obstacle. Sources close to the development indicate that the parties have yet to agree on the quantity and pricing of PMS to be lifted.

This revelation comes despite NNPCL’s Executive Vice President of Downstream, Adedapo Segun, announcing on live television that the company would lift Dangote petrol on the aforementioned date. Segun attributed the determination of petrol prices to foreign exchange and market forces.

However, with only a few days left until the scheduled lifting, sources within the government have disclosed that NNPCL and Dangote Refinery have not finalized a deal. “As we speak, there is no documentation from NNPCL and NMDPRA on product lifting from Dangote Refinery. There is no arrangement to lift petrol from Dangote on September 15, 2024,” a government source revealed anonymously.

Efforts to confirm the development with NNPCL’s Spokesperson, Olufemi Soneye, have been unsuccessful as of press time.

NNPCL recently stated that it would only fully offtake PMS from Dangote Refinery if market prices exceed pump prices in Nigeria. Meanwhile, Crude Oil Refiners Association of Nigeria spokesperson Eche Idoko emphasized that Dangote Refinery’s petrol prices would be competitive if the Federal Government meets its crude oil sale obligations in Naira to domestic refineries.