The state-owned Nigerian National Petroleum Company Limited (NNPCL) has announced that petrol from the Dangote Refinery will hit the market starting September 15, 2024.
NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, also said that market forces will determine the price, as the downstream sector has been fully deregulated.
He said that fuel scarcity is expected to ease soon, as more stations recalibrate to sell petrol at new pricing. He also highlighted that volatile foreign exchange rates majorly influence petrol pricing.
Soneye revealed that NNPC had “supplied about 30 million barrels to Dangote so far, 6.3 million this month, and we will supply 11.3 million in October,” he stated.
He said the Nigerian state oil giant will no longer be the sole importer of petrol, and the petrol business is now fully set to market conditions.
“The pump price today is not market reflective. NNPCL is the sole importer of PMS in the country, which is abnormal. We should be coming to a situation where the free market determines prices,” he said, stressing that market forces should drive fuel prices rather than any single entity.
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