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NNPCL To Lift Petrol From Dangote Refinery September 15, Prices Set By Market Forces
As Nigerians anticipate the release of Premium Motor Spirit (PMS) from the $20bn Dangote Petroleum Refinery, the Nigerian National Petroleum Company Limited (NNPCL) has announced it will begin lifting the product from the refinery on September 15, with prices influenced by foreign exchange rates and market forces due to the deregulated market.
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EKO HOT BLOG reports that on Thursday, oil marketers reported that about 2,000 tankers were still awaiting product loading at depots in Lagos, Warri, and Port Harcourt.
Meanwhile, the Federal Government assured there would be a significant petrol supply over the weekend as vessels had started offloading but ruled out any government-fixed price for PMS.
Operators believe the government’s stance signals the end of petrol subsidy.
NNPCL emphasized that foreign exchange liquidity is a key factor in petrol price fluctuations, with prices now governed by free market dynamics as outlined in the Petroleum Industry Act (PIA).
NNPCL Petrol Dangote Refinery
NNPCL’s Executive Vice President of Downstream, Adedapo Segun, reiterated that fuel scarcity should ease in the coming days, stating that Section 205 of the PIA mandates that petroleum prices are determined by market forces, including the exchange rate.
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He clarified that petrol pricing is no longer controlled by the government or NNPCL.
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