New Update as NNPC Prepares to Lift Petrol from Dangote Refinery on Sunday

• The Dangote Refinery is preparing to begin the sale of Premium Motor Spirit, also known as petrol, to Nigerians
• NNPC Limited will be the first customer of the Dangote Refinery, but there are now fears about whether the given date to lift the product can be achieved
• Petrol at filling stations sells for more than N900 per litre across the country, and Nigerians are hoping for a change

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

As the Nigerian National Petroleum Company Limited (NNPC) prepares to lift Premium Motor Spirit (PMS) from the Dangote Refinery starting September 15, 2024, a new report has emerged that no formal agreement has been reached between the two entities.

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Sources explain why Dangote may not release petrol by September 15

Earlier, Legit.ng reported that Adedapo Segun, the Executive Vice President of Downstream at NNPC Ltd, stated that NNPC was awaiting the September 15 timeline provided by the Dangote Refinery.

However, NNPC disclosed in a statement on Saturday, September 7, 2024, that it would only buy Dangote petrol if it sold cheaper than the international market price.

Dangote Refinery vs NNPC limited

With three days to September 15, Punch reports that the NNPC and Dangote Refinery have yet to finalise the quantity and pricing of the petrol to be lifted.

A source quoted at the Dangote refinery said there was no documentation from NNPC and NMDPRA on product lifting.

He said:

"Nobody has spoken to us that they want to pick up PMS on September 15."

Dangote may export

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Petrol price: IPMAN to choose between NNPC and Dangote Refinery

Meanwhile, the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, said Dangote petrol would be exported if the NNPC and other marketers refuse to patronise it.

He said there were attempts to block the lifting of products from the refinery, adding that the firm would resort to exporting PMS as much as possible.

Edwin also expressed surprise that the gigantic refinery began to face unforeseen challenges when it was set to start operations.

Protest rocks Delta over fuel price

Earlier, Legit.ng reported that youths, women, and commercial tricycle operators in Warri and Effurun metropolises of Delta state took to the streets in a peaceful protest over the persistent fuel scarcity amid the recent price hike.

The protesters marched through the major roads, calling President Tinubu to intervene and urgently reverse the fuel price hike.

Source: Legit.ng