The Nigerian National Petroleum Company Limited (NNPC Ltd) on Sunday said it bought Premium Motor Spirit, petrol from Dangote refinery at N898 per litre.
Olufemi Soneye, the chief Corporate Communications Officer of the company, disclosed this to journalists in an interview on Sunday.
‘What you need to understand is that it’s market forces that determine the price. For instance, now Brent is $70. Let’s say tomorrow now, Brent goes to $80, you should note that the price will also increase because those are the market forces.
‘But today, for this initial 16.8 million litre that was given to us, it was at the rate of N898,’ Mr Soneye explained.
The oil firm had moved about 300 trucks to the 650,000 capacity refinery in Lagos, on Saturday, and loading commenced on Sunday. Speaking to journalists over the price of premium motor spirit (PMS), otherwise known as petrol, Chief Spokesperson of the NNPCL, Olufemi Soneye, said, ‘We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased i
t at N760 per liter is incorrect. For this initial loading, the price from the refinery was N898 per liter.’
He disclosed that over 70 trucks had been loaded.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, had announced that NNPCL would be the sole off-taker of refined petrol from Dangote Refinery.
At the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira, on Friday, the Finance Minister who was represented by Zacch Adedeji, Executive Chairman of Federal Inland Revenue Service (FIRS), had said diesel from the Dangote Refinery would be sold in Naira to any interested off-taker, while PMS would only be sold to NNPCL, which will then sell to various marketers.
He announced the completion of all agreements and modalities for the implementation of the Federal Executive Council (FEC) approval on the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The Federal Executive Council FEC, under t
he leadership of President Bola Tinubu had approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.
Source: Voice of Nigeria