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NNPC Limited fixes minimum petrol price @ N950 a liter

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By Yemie Adeoye

Nigeria’s national oil company, The NNPC Limited has announced new prices of Premium Motor Spirit (PMS), also known as Petrol accross its retail stations in Nigeria with Lagos retaining the lowest price of N950.22k a liter and Borno state retaining the highest price of N1,019.22k a liter.

Nigeria is not refining crude locally – NNPC GMD

Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Limited Mele Kyari

In a chart made available to Biztellers.com.ng and signed by Olufemi Soneye, spokesman of the national oil company, it was gathered that the North Central especially the FTC will be paying the sum of N992.22k for a liter of petrol, while the Northwest region will be paying N999.22. In the South South and the South East regions beginning with Rivers and Imo states, the price of PMS will be N980.22k.

The NNPC in its released estimated prices of Petrol (obtained from the Dangote Refinery)stated further that the NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arms length.

“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.

The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.

Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing”. the statement further enthused.

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Energy

Uniform Pricing Of Local, Imported Fuel Is Fraudulent – NLC

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Joe Ajaero, the President of the Nigeria Labour Congress (NLC), has criticized the Nigerian government for its role in the current pricing dispute between the Nigeria National Petroleum Corporation Limited (NNPCL) and the Dangote Refinery, attributing it to erratic government policies.

In a press briefing at Murtala Muhammed Airport Terminal Two on Wednesday, Ajaero condemned the situation as fraudulent and argued that a deregulated market should encourage competition and consumer choice, not impose restrictive pricing.

He asserted that the attempt to regulate Dangote’s pricing or influence private sector costs undermines fair market practices.

Related News: Fuel Crisis Looms As NCSCN Urges Dangote Refinery To Address Fuel Pricing, Supply Issues

Ajaero called on Nigerians to voice their concerns, claiming the government’s actions are undermining the private sector’s ability to set prices.

He said, “For a product produced here, he didn’t import with dollars, there was no landing cost, and they want him to sell it at the same cost as what they are bringing from abroad. That is fraudulent and unacceptable.”

Additionally, Ajaero criticized the government for not repairing the refineries as promised in August of the previous year, noting that no progress has been made as of September 2024.

On the subject of the N70,000 minimum wage, Ajaero assured that implementation is on track according to the agreement made on April 18, 2024.

He confirmed that the National Assembly has approved the bill, and the committee on consequential adjustments is actively working on its rollout.

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Energy Reform Group Warns Of NNPC’s Alleged Plot To Thwart Dangote Refinery

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The Coalition of Energy Reforms Lawyers and Activists (CERLA) has raised serious allegations against the Nigerian National Petroleum Company Limited (NNPC Ltd), accusing the state-run oil firm of attempting to sabotage the operations of Dangote Refinery.

In a recent press briefing, CERLA claimed that the NNPC Ltd falsely reported that Dangote Refinery was selling Premium Motor Spirit (PMS) at ₦868 per litre.

Read Also: Ighodalo Sues Oshiomhole Over Ponzi Scheme Allegations

The coalition’s spokesperson, Okwa Dan, condemned these actions, labeling them as a deliberate move to obstruct the progress of Dangote Refinery while fostering corruption within Nigeria’s energy sector.

“The NNPCL has consistently acted as a barrier to transparency in the sale and distribution of crude oil in Nigeria,” Dan remarked.

He further criticized the company for favoring the importation of low-quality fuel, which he described as both “fraudulent and counterproductive.”

Dan also accused the NNPCL, under the leadership of Mele Kyari, of sustaining a fuel subsidy scam that has kept the country dependent on imported PMS.

According to CERLA, the latest actions against Dangote Refinery are part of a broader scheme to stifle locally operated refineries.

“The NNPCL’s operations remain opaque, and we question why it has been designated the sole off-taker of PMS from Dangote Refinery,” Dan said, further arguing that the NNPCL’s claims of high PMS prices are misleading, as Dangote’s crude stock is priced in dollars.

CERLA has called on the NNPCL to cease what it terms a “slander campaign” against Dangote Refinery and has threatened legal action if the issue persists.

The coalition emphasized that the Nigerian public has suffered enough from the NNPCL’s lack of transparency and demanded accountability from the corporation.

Dan concluded by suggesting that the NNPCL’s discomfort stems from the emergence of the Dangote Refinery and urged the government to intervene in the matter.

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Dangote Refinery Begins Petrol Distribution As NNPC Trucks Roll Out

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The Dangote Refinery in Ibeju-Lekki, Lagos, began loading Premium Motor Spirit (PMS) for distribution on Sunday, marking a key step in the facility’s operations.

The refinery, valued at $20 billion, is expected to significantly impact Nigeria’s fuel supply and reduce dependence on imports.

Trucks from the Nigerian National Petroleum Corporation (NNPC) Limited were captured in videos posted on the Dangote Group’s X (formerly Twitter) account, loading PMS from the state-of-the-art facility.

Related News: Govt Must Ensure Fair PMS Price Amid Dangote Refinery Launch – Yemi Adeoye

It said, “First set of trucks set for loading of PMS at the Dangote Petroleum Refinery.”

The refinery’s 86 gantries allow the simultaneous loading of 86 trucks, with 10 trucks seen starting the process using a computerized fuel distribution system, according to reports from the Nigerian Television Authority.

The lifting of petrol from the refinery follows weeks of speculation regarding the quality and availability of the product.

However, the key question of the petrol’s market price remains unanswered, as industry stakeholders await clarification on the pricing strategy for the refinery’s output.

On Saturday, NNPC announced that hundreds of trucks would be deployed to the refinery for loading, signaling the beginning of large-scale petrol distribution from the facility, which has a capacity of 650,000 barrels per day.

It said, “In preparation for the Dangote Refinery’s scheduled petrol loading on Sunday, September 15, 2024, NNPC Ltd has been mobilising trucks to the refinery’s fuel loading gantry in Ibeju-Lekki. As of Saturday afternoon, NNPC Ltd had deployed over 100 trucks, with hundreds more en route.”

 

 

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