The Nigerian National Petroleum Company Limited (NNPCL) has announced that it purchased Premium Motor Spirit (PMS), better known as petrol, for a price of N898 per litre from the Dangote Refinery. This announcement comes amid claims that the firm was obtaining fuel at a lower price of N760 per litre, which the NNPCL has recently corrected as inaccurate as published by Daily trust on Sunday, 15th September, 2024.CONTINUE FULL READING>>>>>
On Saturday, NNPCL dispatched approximately 300 trucks to the Dangote Refinery, which has a capacity of 650,000 barrels per day. Loading operations began the following day, on Sunday, and by the time the news was reported, over 70 trucks had already been loaded with PMS. The company’s Chief Spokesperson, Olufemi Soneye, speaking to *Daily Trust*, confirmed the price at which the fuel was bought and emphasized that the initial price for loading at the refinery was N898 per litre.
This is a significant development for Nigeria’s fuel industry, as the Dangote Refinery represents a major step in the country’s efforts to reduce its reliance on imported fuel. The refinery, which is located in Lagos, has been touted as a solution to Nigeria’s chronic fuel supply issues, and the successful loading of fuel marks the beginning of what many hope will be a more self-sufficient era for the country’s petroleum needs.
The move by NNPCL to purchase from Dangote Refinery comes in response to rising fuel prices and concerns about the affordability of petrol for the average Nigerian. The cost of PMS has been a major issue since the Nigerian government removed fuel subsidies earlier in the year, causing petrol prices to more than triple in some areas. While the removal of subsidies was seen as a necessary step to reduce the government’s financial burden, it has led to increased economic hardship for many Nigerians.
The clarification by NNPCL regarding the price per litre of fuel from Dangote is also significant in light of recent protests and growing public discontent over the high cost of living. Many Nigerians have called on the government to take steps to address the rising cost of fuel and other essential goods. In response, some civil society groups have taken legal action. Recently, the Socio-Economic Rights and Accountability Project (SERAP) sued President Bola Tinubu over the petrol price hikes and the failure to investigate alleged corruption within NNPCL.
The successful loading of PMS at the Dangote Refinery is expected to help ease fuel shortages in the country. However, it remains to be seen how the price of N898 per litre will affect fuel distribution and whether it will translate into more affordable fuel for Nigerian consumers.
As the NNPCL moves forward with this new fuel source, industry stakeholders will be closely watching how this development impacts both the local and international oil market. Meanwhile, the public awaits further details on how the government plans to mitigate the effects of rising fuel prices and ensure that the country’s new oil infrastructure benefits the broader economy.CONTINUE FULL READING>>>>>
