No Deal Between NNPC ,Dangote Refinery on Petrol Lifting

Investigations have revealed that no commercial agreement has been reached between the Nigerian National Petroleum Company Limited (NNPC) and Dangote Refinery on lifting Premium Motor Spirit (PMS) from the refinery, despite the announced September 15, 2024, start date.

According to multiple sources from NNPC and Dangote, both parties have yet to agree on the quantity and pricing of PMS to be lifted by the national oil company.

On September 5, 2024, NNPC’s Executive Vice President of Downstream, Adedapo Segun, announced that the company would lift Dangote petrol on September 15, citing factors like foreign exchange rates and market forces that would influence the price of petrol.

However, government sources close to the development revealed that no paperwork had been signed by both parties, and the terms and conditions required for the deal had not been agreed on.

A senior official at Dangote refinery confirmed that nothing had been agreed on pricing and petrol lifting, stating, “Right now, no documentation from NNPC and NMDPRA on product lifting. Nobody has spoken to us that they want to pick up PMS on September 15.”

Another official at the Federal Ministry of Petroleum Resources corroborated this position, stating that “nothing concrete has been agreed on right now in terms of petrol lifting, but I believe the process is still ongoing.”

Business adviser Dan Kunle urged President Bola Tinubu to intervene in the matter, citing the socioeconomic crisis fueled by the issues surrounding petrol supply.

The NNPC spokesperson, Olufemi Soneye, is yet to respond to enquiries on the matter at the time of filing this report.