- Both the Dangote Refinery and MOMAN have confirmed the lifting of petrol from the facility amid earlier restrictions by the NNPC
- An official of the refinery noted that the supply arrangement with the marketers has been ongoing for some time
- The marketers acknowledged the market’s current demand pressure and stated that it holds substantial fuel stocks in its storage facilities
Legit.ng journalist Victor Enengedi has over a decade’s experience covering Energy, MSMEs, Technology and the stock market.
Dangote Refinery’s management has confirmed that it has started supplying Premium Motor Spirit (PMS), commonly known as petrol, to major petroleum marketers.
This new development follows Dangote Refinery’s earlier statement that it did not receive clearance from the Nigerian National Petroleum Company Limited (NNPC) to supply petrol to independent marketers.
Photo credit – Dangote Group, IPMAN
Source: UGC
It would be recalled that Legit.ng had earlier reported that the president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, had claimed that his members had been to the refinery but could not lift petrol.
Dangote’s petrol sales to major marketers confirmed
During a phone interview with LEADERSHIP, Anthony Chiejina, the group chief branding and communications officer of Dangote Group, confirmed that prominent marketers are now purchasing petrol from the refinery, though he withheld specific details about pricing.
While Chiejina did not disclose the identities of the companies involved, he noted that the supply arrangement has been ongoing for some time.
In support of this update, the Major Oil Marketers Association of Nigeria (MEMAN) acknowledged the market’s current demand pressure and stated that it holds substantial fuel stocks in its storage facilities.
MEMAN added that it has reliable access to significant fuel stocks stored with suppliers, including Dangote Refinery and NNPC Trading Limited, along with assured future supplies of all petroleum products.
This clarification comes amid concerns about tightness in the petroleum supply market.
A recent report reveals that Dangote Refinery and Petrochemical Company Ltd is selling petrol to oil marketers at a rate of N1,014.75 per litre.
This price is divided into two primary cost components: Dangote has set a base price of N990 per litre with an additional 2.5% variation cost, which adds N24.75 per litre.
The high petrol price from Dangote Refinery has disappointed Nigerians, who anticipated that the federal government’s “crude-for-Naira” agreement with Dangote would bring down pump prices starting October 1, 2024.
Ghana proposes ECOWAS currency for Dangote petrol
Meanwhile, Legit.ng earlier reported that Ghana has hinted that African countries would agree on a common currency to buy Dangote petrol to dampen demand for dollars.
The West African nation also expressed interest in buying petroleum products from the refinery once it is operating at full capacity.
The head of the country’s oil regulator said that patronising the Nigerian refinery would cut more expensive exports from Europe.
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Source: Legit.ng