In a significant development, 11plc, Total Energies, AA Rano, and other marketers have commenced lifting of Dangote Petrol from Nigerian National Company (NNPC) Trading Limited at a reduced price of N765.99 per litre.
Tunji Oyebanji, Managing Director of 11plc, confirmed to Business Day that some marketers completed their payment process on the NNPC trading payment portal and began lifting of petrol earlier this week.
“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery,” Oyebanji said.
Adedapo Segun, Executive Vice-President, Downstream at NNPC, explained that marketers cannot purchase petrol directly from the refinery due to subsidized rates.
“The situation has not changed there. So, NNPC’s off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is reasonable,” Segun stated.
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Segun added, “The market value of PMS is still higher than what N766 or N765 or N799 that NNPC is selling.”
Earlier, Femi Soneye, NNPC spokesperson, stated that the refinery bought petrol from Dangote refinery at N898 per litre.
Chiejina, Dangote Refinery spokesperson, described the claim as “misleading and mischievous,” aimed at undermining the refinery’s achievement in addressing Nigeria’s energy insufficiency.
(Editor: Paul Akhagbemhe)
