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As hopes for a cheaper Premium Motor Spirit (PMS) rise, the Nigerian National Petroleum Corporation Limited (NNPCL) is set to lift petrol from the Dangote Refinery at a projected rate of N960/N980 per litre. The petrol will be sold to marketers at N840/N850, allowing consumers to purchase it at between N857 and N865 per litre.
The new pricing structure, expected to take effect as NNPCL begins lifting products from the refinery today, follows negotiations aimed at mitigating the burden of rising fuel prices on Nigerians. The current prices of petrol vary widely across the country, with some independent marketers selling it for over N1,000 per litre.
The NNPCL, which serves as the sole off-taker of petrol from the Dangote Refinery, faces an under-recovery of about N130 per litre in this new arrangement. Despite the financial challenge, the move is expected to alleviate pressure on the Naira and foreign exchange demands, which, according to Minister of Finance Wale Edun, are significantly driven by PMS imports. Edun noted that the deal, structured in Naira, would help stabilize the local currency.
The NNPCL has already deployed trucks and vessels to the refinery, with around 300 trucks expected to be ready for the lifting process. The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has also confirmed that they are prepared to begin lifting petrol once clarity on pricing is provided.
