The Nigerian National Petroleum Company Limited (NNPCL) has announced that petrol from the Dangote Refinery will start reaching the market by September 15, 2024.
In a statement from Chief Corporate Communications Officer Olufemi Soneye, NNPCL explained that fuel prices will now be set by market forces, as the downstream sector is fully deregulated. This puts to rest any speculation that the company would continue setting prices.
Earlier in the week, the Dangote Refinery began refining petrol, sparking expectations about future pricing. NNPCL’s Executive Vice President of Downstream, Adedapo Segun, emphasized that prices would be influenced by market trends and the exchange rate, aligning with the provisions of the Petroleum Industry Act (PIA).
Segun further clarified that the current fuel scarcity is expected to ease soon, as more stations adjust and begin selling fuel. He noted that NNPCL is working closely with marketers to ensure stations remain open longer to meet fuel demand.
He also addressed the rumor that NNPCL would be the sole lifter of petrol from Dangote Refinery, stating that this was not a deliberate move but rather a response to the current market situation.
NNPCL has already supplied 30 million barrels of crude oil to Dangote Refinery, with plans to deliver an additional 17 million barrels in the coming months. Despite these efforts, Segun highlighted that the current pump price of petrol does not reflect market conditions, calling for more competition and liquidity in the foreign exchange market to stabilize prices.
As the situation develops, Segun assured the public that NNPCL will continue to keep Nigerians informed as the refinery’s petrol production ramps up.
