The Nigerian National Petroleum Corporation Limited (NNPCL) has started lifting Premium Motor Spirit (PMS), also known as petrol, from Dangote Refinery today, Sunday, 15 September 2024.
On Saturday, the national oil company announced that at least 300 trucks are stationed at the Lekki, Lagos refinery.
The news has been greeted with excitement by Nigerians who hope that development will mean cheaper petrol prices at filling stations. This seems to have been granted.
Vanguard reports that the NNPCL is projected to lift the product at N960/N980 per litre and sell to marketers at N840/N850 to enable Nigerians to get it between N857 and N865 at the pump at filling stations.
This means NNPC will pay a price subsidy or under-recovery of about N130 for Nigerians to get the product cheaper.
As of Saturday, Nigerians paid N855 per litre at NNPCL retail stations in Lagos, and it was the cheapest anyone could buy the product while major marketers sold around N920.
Independent marketers filling stations are selling at N1,000 to above N1,200 per litre.
Meanwhile, TimesNow.com.ng earlier reported that NNPCL mobilised 100 trucks to the Dangote refinery in readiness for the petrol lift on Sunday.
NNPC message shared on X reads:
Femi Soneye again gave an update, NNPCL spokesman said that the number of trucks may hit 300.
He said:
Earlier, TimesNow.com.ng reported that Dangote Refinery raised concerns over the lack of patronage from Nigerian oil marketers due to low pricing strategies on its product sales.
Devakumar Edwin, Vice President of Dangote Industries Limited, disclosed this during an X Spaces session organised by Nairametrics.
According to Edwin, the refinery struggles to sell diesel and aviation fuel daily, so it has decided to export its products instead.
Source: TimesNow.com.ng
