Major petroleum marketers, including 11 Plc, Total Energies, and AA Rano, have commenced lifting petrol from Dangote Refinery through Nigerian National Petroleum Company (NNPC) Trading Limited at a reduced price of N765.99 per litre.
Some marketers completed their payment process on the NNPC trading payment portal and began lifting the product earlier this week, as part of the existing agreement between marketers and the refinery.
Tunji Oyebanji, Managing Director of 11 Plc, said:
“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery… We don’t know the contractual financial arrangement between NNPC and the refinery, but what I can confirm is we are buying at N765.99 from NNPC to lift Dangote petrol.”
Other marketers, including NNPC Retail and Total Energies, have also picked up products from the refinery.
Adedapo Segun, Executive Vice-President, Downstream at NNPC, explained that marketers cannot purchase petrol directly from the refinery because it is still sold at a subsidized rate:
“That’s the same thing happening with Dangote… Dangote is a company and it’s going to sell at market price. The market value of PMS is still higher than what N766 or N765 or N799 that NNPC is selling.”
Segun added that NNPC’s off-taking is necessary because other marketers are unwilling to buy at Dangote’s selling price:
“As soon as the price allows for it, you will see the marketers go to Dangote and buy.”
Efforts to confirm if Independent Petroleum Marketers Association of Nigeria (IPMAN) members have also picked up products at the Dangote Refinery were unsuccessful.Â
