NNPC Withdraws as Sole Buyer of Petrol from Dangote Refinery, Sparking Concerns Over Potential Price Hikes
The Nigerian National Petroleum Company Limited (NNPCL) has reportedly ended its role as the exclusive buyer of Premium Motor Spirit (petrol) from the Dangote Refinery, according to a report from Premium Times.
With this move, petroleum marketers will now have to source petrol directly from Dangote Refinery, bypassing the NNPCL. Efforts by DAILY POST to confirm the development were met with no immediate responses from either NNPCL’s spokesperson, Olufemi Soneye, or Dangote Refinery’s representative, Anthony Chiejina.
An unnamed NNPCL official, however, confirmed the report to Premium Times, stating, “Yes, it is true. We can no longer continue to bear that burden.” This decision comes just weeks after the NNPCL began lifting petrol from Dangote Refinery on 15th September 2024, leading to fresh fuel price adjustments across its retail outlets.
In recent weeks, the price of petrol at filling stations in Abuja has surged to between ₦950 and ₦1,100 per litre. The NNPCL’s withdrawal as the sole off-taker has now stirred concerns about a possible further increase in fuel prices.
This development follows a request from the House of Representatives, urging Dangote Refinery to sell petrol directly to independent oil marketers. Additionally, the Nigerian government recently confirmed the commencement of crude oil sales to Dangote Refinery in Naira, a move that some industry experts believe could eventually lead to reduced fuel prices.
As Nigeria adjusts to these changes in its petroleum market, fuel price stability remains a major concern for both consumers and industry stakeholders.
