The Nigerian National Petroleum Company Limited (NNPCL) has confirmed that it purchased premium motor spirit (PMS), commonly known as petrol, from the Dangote Refinery at N898 per litre.
This announcement was made following initial reports claiming that the fuel was bought at N760 per litre, which the NNPCL has now debunked.
Chief spokesperson for NNPCL, Olufemi Soneye, clarified the situation while speaking with *Daily Trust*. “We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N760 per litre is incorrect. For this initial loading, the price from the refinery was N898 per litre,” Soneye stated.
NNPCL had dispatched about 300 trucks to the 650,000-barrel-per-day refinery located in Lagos, with loading commencing on Sunday. As of the time of reporting, over 70 trucks had been successfully loaded with petrol.
Earlier, Finance Minister Wale Edun, in his capacity as Coordinating Minister of the Economy, had announced that NNPCL would serve as the sole off-taker of refined petrol from the Dangote Refinery.
The announcement was made during the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira, which took place on Friday.
Representing the Minister at the meeting, Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), provided details on the government’s plans for the sale of petroleum products.
“Diesel from the Dangote Refinery will be sold in Naira to any interested off-taker, while PMS will only be sold to NNPCL, which will then sell to various marketers,” Adedeji explained.
He further elaborated on the Federal Executive Council’s (FEC) decision to approve the sale of crude oil to local refineries in Naira and the purchase of petroleum products in the same currency.
This initiative, spearheaded by President Bola Tinubu’s administration, is intended to reduce pressure on the naira, minimize transaction costs, and ensure the availability of petroleum products in the country.
“Since then, the implementation committee chaired by the Hon. Minister of Finance and the technical committee have worked intensely with NNPCL and Dangote Refinery to fashion out the details of the modalities for the implementation of the FEC approval,” Adedeji said.
He added that all agreements have been finalized, allowing the first batch of PMS to be loaded from the Dangote Refinery starting Sunday, September 15.
Beginning October 1st, NNPCL is set to supply 385,000 barrels per day (kbpd) of crude oil to the Dangote Refinery, with payments to be made in Naira. In exchange, the refinery will supply PMS and diesel of equivalent value to the domestic market, also in Naira.
“Diesel will be sold in Naira by the Dangote Refinery to any interested off-taker, while PMS will only be sold to NNPC for now,” Adedeji reiterated.
Additionally, all associated regulatory costs—such as those from the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA)—will also be paid for in Naira. This comprehensive framework is expected to enhance the efficiency and affordability of petroleum product distribution across Nigeria.
