Nigeria’s state-owned oil firm, NNPC Ltd, has released a statement regarding its role in acquiring gasoline from the recently opened Dangote refinery. NNPC Ltd will not be the only purchaser of gasoline from the refinery, which contradicts earlier reports. On the contrary, it is Dangote who will price its gasoline first before selling it to marketers for subsequent distribution at their respective stations.
NNPC Ltd shall procure gasoline from Dangote Refinery Ltd (DRL) wholly if market prices exceed pump prices within Nigeria. This is meant to maintain competition in the market and avoid price manipulation.
The Dangote refinery, with a capacity of 650,000 barrels daily, commenced production of gasoline earlier this week as part of efforts by Nigeria to reduce dependence on imports. In the initial stage, the refinery will supply 25 million liters of gasoline daily and then increase it to about 30 million liters by October.
NNPC Ltd has previously increased petrol prices from an average of 617 naira ($0.3905) per liter up to 855 naira.
Furthermore, NNPC Ltd has made clear its position regarding the procurement of gasoline, demonstrating a commitment towards transparency in its operations and fair marketing practices.
