The NNPCL has announced purchasing fuel from Dangote Refinery at N898 per litre, contradicting earlier claims of N760. This move aims to enhance local production capacity, with NNPCL becoming the exclusive off-taker.
The Nigerian National Petroleum Company Limited (NNPCL) has confirmed that it purchased fuel from Dangote Refinery at N898 per litre, countering earlier claims that the price was N760 per litre. According to Olufemi Soneye, the Chief Spokesperson of NNPCL, the loading commenced over the weekend with approximately 300 trucks sent to the Lagos refinery. As of the time of reporting, more than 70 trucks had already been loaded with Premium Motor Spirit (PMS), commonly referred to as petrol.
Soneye emphasized that this initial loading marks a crucial development in the country's oil sector, noting that the arrangement with Dangote will enhance the capacity of local airlines. "The money we typically spend on purchasing a brand-new aircraft will now be directed toward financing around 50 airlines on a dry lease," he stated, highlighting the economic potential of local refining.
Additionally, he reiterated that NNPCL would serve as the exclusive off-taker of refined petrol from Dangote Refinery, which is a significant move aimed at bolstering local production. Wale Edun, the Minister of Finance, previously confirmed that diesel from the refinery would also be sold in Naira to interested buyers, while PMS sales would be strictly through NNPCL.
Public reaction to these developments has been largely critical. Many Nigerians expressed dissatisfaction with the rising fuel prices and questioned the rationale behind the NNPCL’s exclusive distribution rights. Concerns were raised regarding the implications for competition in the market and the potential for inflated prices given the monopoly. Social media users voiced their frustrations, highlighting the challenges faced by everyday citizens amid ongoing economic pressures.
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