NNPC Confirms Release Date for Dangote Refinery Petrol, Explains New Pump Price at Filling Stations
- NNPC has confirmed that it received assurance from the Dangote Refinery regarding the release of petrol
- Nigerians may not see lower pump prices, and NNPC has explained the rising prices at filling stations
- In a post shared on its website, the national oil company noted that there are now changes in petrol pricing
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.
The Nigerian National Petroleum Company Limited (NNPC Ltd) said it will begin lifting petrol from Dangote Petroleum Refinery on September 15, 2024.
Source: Getty Images
This was disclosed by Adedapo Segun, the Executive Vice President of Downstream at NNPC Ltd, during his appearance on TVC News 'Journalists' Hangout' show on Thursday, September 6, 2024, according to Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd.
During the program, Segun confirmed that the date had been communicated to NNPC Ltd.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Fuel prices at filling stations
NNPC's Executive Vice President also explained that the market has been deregulated, adding that the exchange rate plays a significant role in determining fuel prices.
“The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd.
"Additionally, the exchange rate plays a significant role in influencing these prices.”
Fuel scarcity at filling stations
Regarding fuel scarcity, Segun assured us that it would subside in a few days as more stations recalibrate and begin selling PMS.
He said:
"We are engaging relevant authorities to ensure products diversions are prevented and timely deliveries to all stations are ensured.
The scarcity should ease in the next few days as more stations re-calibrate and begin operations.”
Dangote petrol is ready for roll-out
Legit.ng earlier reported that the Dangote Refinery is set to introduce the sale of Premium Motor Spirit (PMS), also known as petrol, into the Nigerian market.
The development comes a few days after the plant began the petrol production test run.
Reports say industry sources confirmed that the product would be available in the market very soon.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
PAY ATTENTION: Stay Informed and follow us on Google News!
Source: Legit.ng
