…As NNPCL Raises Petrol Pump Price To N897/Litre
Dangote Group President, Aliko Dangote, said on Tuesday that Premium Motor Spirit (Petrol) could become available in the Nigerian downstream market within 48 hours from the group’s subsidiary – Dangote Industries Limited’s refinery, contingent upon the Nigerian National Petroleum Company Limited’s (NNPCL’s) actions
Dangote, who made this projection during an interview, said that this would mark the initial rollout of petrol from the company’s 650,000 barrels per day refinery.
Speaking on what could be fuel price per litre, the industrialist said that the Federal Executive Council (FEC), would determine it, adding that as soon as the Council takes the decision, the current fuel scarcity in the country will be ameliorated.
The company’s management had yesterday hinted that it would be exporting petrol from the refinery if the NNPCL and other oil marketers in the country failed to source their supply from the refinery.
The Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, made this remark when he featured in a live broadcast of the Brekete Family show.
He said: “We have been exporting aviation fuel, we have been producing kerosene, we have been producing diesel, but yesterday, we started the production of PMS. So, that was the last stage. The only thing now left out is petrochemicals.
“So, the good news for the country is we have started producing PMS from our refinery since yesterday (Sunday).
“Well, I explained how there has been a kind of a blockade from lifting our products within the country. The traders have been trying to block (it), and so now we have been exporting our petroleum products. PMS, we are ready to pump in as much as possible to the country”, he added.
“But if the traders or NNPC are not buying the product, obviously, we will end up exporting the PMS as we are doing with the aviation jet and diesel”, he added.
Meanwhile, the Nigeria National Petroleum Company (NNPC) Retail Limited’s management today reviewed upward the petrol pump price, raising it from N617 per litre to N897 per litre with immediate effect.
It directed all its filling stations nationwide to adjust their pumps, price boards, and MIDs to reflect the new price.
Economists believe that the hike in the pump price of petrol will further worsen the surging inflation rate with the attendant implications for the performance of the nation’s economic growth.
