Oil & Gas
Dangote refinery: Operators seek FG intervention as marketers opt for fuel import
Operators in the downstream oil sector, on Monday, called on the Federal Government to intervene by ensuring the provision of crude oil to the Dangote Petroleum Refinery as marketers now prefer to buy cheaper imported refined petroleum products rather than patronising Dangote refinery.
They also slammed the international oil companies operating in Nigeria for selling crude oil to Dangote refinery above the global market prices, describing this as “anti-country practice.”
This came as the Independent Petroleum Marketers Association of Nigeria explained that the reason marketers were shunning the diesel and aviation fuel produced by the Dangote refinery was that the products were higher in cost.
The National President, IPMAN, Abubakar Maigandi, stated this while reacting to claims by the Dangote refinery that it had sold about 3.5 billion litres of refined products to Europe and other countries because some marketers were importing dirty fuels into Nigeria.
According to Maigandi, the refusal of the President of the Dangote Group, Aliko Dangote, to collaborate with IPMAN is another factor affecting the $20bn refinery.
The PUNCH reported on Monday that the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, had accused international oil companies in Nigeria of plans to frustrate the survival of the new Dangote refinery.
Edwin said the Federal Government issued 25 licences for the construction of refineries in Nigeria, but only the Dangote Group delivered on its promise.
He, however, noted that more than 3.5 billion litres of Dangote diesel and aviation fuel had been exported to Europe by the refinery in the past few months, being 90 per cent of its output.
But the IPMAN leader, while speaking with one of our correspondents on Monday, blamed Dangote for the importation of diesel by operators, saying his (Dangote) diesel is more expensive.
Maigandi disclosed that Dangote did not heed the advice of marketers that the current price of diesel and aviation fuel be reduced to beat competitors in the market.
The IPMAN boss maintained that nobody would be encouraged to import the so-called dirty fuel if the products from Dangote refinery were cheaper.
“The major challenge is the cost of the Dangote diesel. We are looking for a reduction from him. He should bring it to a little bit lower rate.
“The fact that people bring in diesel from other countries into Nigeria is his fault. It is because of his price. You know I said earlier that he should bring his price down so that he would discourage importation by the other marketers. His price is higher. If it is lower, why should people buy outside?” the marketer stated.
The Dangote refinery official had accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority of granting licences indiscriminately to marketers to import dirty refined products into the country.
The NMDPRA has since stayed mute on this, ignoring several calls for its reaction to this allegation.
Edwin had said the NMDPRA continued to issue import licences at the expense of the nation’s economy and at the cost of the health of Nigerians “who are exposed to carcinogenic products.”
Edwin lamented that even though Dangote was producing and bringing diesel into the market, complying with the regulations of the Economic Community of West African States, “licences are being issued, in large quantities, to traders who are buying the extremely high sulphur diesel from Russia and dumping it in the Nigerian market.”
He reiterated that as much as a quarter of the petrol and diesel available in West Africa originated from the ports of Amsterdam, Rotterdam, and Antwerp, stressing that these fuels contain sulphur and other pollutants, such as cancer-causing benzene, in quantities up to 400 times the limits permitted in Europe.
Edwin said, “The decision of the Nigerian Midstream and Downstream Petroleum Regulatory Authority to indiscriminately grant licenses for the importation of dirty diesel and aviation fuel has made the Dangote refinery expand into foreign markets.
“The refinery has recently exported diesel and aviation fuel to Europe and other parts of the world. The same industry players fought us for crashing the price of diesel and aviation fuel, but our aim, as I have said earlier, is to grow our economy.”
No deal
Meanwhile, the IPMAN president stated that Dangote refused to sign a deal with the independent petroleum marketers for the distribution of its products.
Despite efforts to enter into a business agreement with him, Maigandi said Dangote held on to multinationals whom he said were sabotaging his efforts.
“Again, we gave him a policy that he should involve independent petroleum marketers in direct purchases from him. Up till now, he didn’t do that.
“The idea is, immediately you hold independent petroleum marketers, definitely you are the one who is having the market of the country.
“We told him that he should allow independent marketers to start buying fuel directly from him, but he refused. He just holds on to all these multinational companies. These multinational companies will sabotage his efforts because they will tell him that they would buy, but if they buy a little from him, they will go outside to buy another one that is cheaper than his own,” he stated.
Maigandi said Dangote currently sells his refined products through MRS, some depot owners and other major marketers.
“But it is better he sells to us directly because anywhere he takes his product to, independent marketers are buying it there. And when we buy, those selling it in those places will also add their profit margin, making the product a bit higher. He should use independent petroleum marketers to sell his products,” Maigandi advised.
High crude price
Meanwhile, an official of the Dangote Group, who spoke on conditions of anonymity because he was not authorised to speak on the matter, said the importation of crude oil from the United States should be blamed for the diesel price.
While saying Dangote could not sell his products below the cost price, the official stated that international oil companies were denying Dangote access to crude oil to frustrate the refinery.
“If Dangote gets crude oil locally, there wouldn’t be any issue. You know Dangote is importing with dollars. So, there is no way Dangote will sell below the cost price. But these traders are importing dirty fuels from Russia at a cheaper price.
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“We keep importing crude from the US because the IOCs refuse to sell to us. That’s the problem. If IOCs could be selling to us, we wouldn’t have any crisis; we would be selling at a price everybody would be happy with. Look at what the dollar is saying now; if we are buying crude at a dollar that exchanges for N1,484, how much do you want us to sell? But if we are getting it in Nigeria, the cost will reduce and it will be cheaper.
“If the Federal Government allows us to buy in Nigeria, it will be cheaper. What we need to do is just to refine and sell. But in this case, we have to import from the US, so it’s very expensive. Some people are just playing politics with this thing to frustrate the refinery,” the Dangote Group official stated.
Our correspondent recalls that Aliko Dangote recently recounted how the refinery crashed the price of diesel in Nigeria from around N1,600 per litre to N1,000.
As of now, the price of a litre of diesel is around N1,200, an amount the independent petroleum marketers described as too high.
Recall that Dangote recently said Nigeria would no longer import any fuel by the time he begins the sale of PMS in the third week of July.
Marketers slam IOCs
Oil marketers lambasted the IOCs for raising the cost of crude oil to the Dangote Petroleum Refinery above the global market price by about $6/barrel, describing this as anti-country practices.
The dealers in the downstream oil sector under the aegis of the IPMAN and the Petroleum Products Retail Outlets Owners Association of Nigeria declared that the Federal Government should mandate the IOCs to supply crude to the refinery.
Dangote Group’s Edwin had on Monday said the IOCs were deliberately and willfully frustrating the refinery’s efforts to buy local crude by hiking the cost above the market price by $6, thereby forcing the refinery to import crude from countries as far as the US, with its attendant high costs.
He also talked about the importation of dirty fuel into Nigeria due to the licences issued by the NMDPRA
The NMDPRA has since remained silent about this accusation despite repeated attempts to get the authority’s position on the claims.
When our correspondent contacted the NMDPRA spokesman, George Ene-Ita, on Sunday, he requested details about the claims of the Dangote official. This was sent to him, but he did not reply.
On Monday, Ene-Ita told our correspondent that the agency was preparing a reaction in a statement that would be sent to the media. He has yet to do so until the time this story was filed.
Reacting to the revelations by the Dangote refinery official on the hike in domestic crude oil price by IOCs, the President, PETROAN, Billy Gillis-Harry, declared, “Clearly, that is anti-country! Because when you are doing business in a country, the country’s welfare, well-being and economic growth should be your business.
“That is why some multinationals said they were packing out of Nigeria when they had exploited all the weaknesses and lukewarm policies that Nigeria has, which empowered them, without them empowering us and not leaving technology transfer to enable us to continue running such businesses.
“So it is a wake-up call for the Nigerian government, not just in the oil and gas sector, but especially in the Trade and Investment sector, to insist on new rules on how to engage in doing business in Nigeria.”
The Public Relations Officer, IPMAN, Chief Ukadike Chinedu, said the hike in crude oil price by the IOCs should be resisted, stressing that since the commencement of in-country refining of crude at the Dangote refinery, some refined products had been stabilised in terms of pricing and availability.
He said, “The government should not allow such to happen. Why should you raise the price of crude for local refiners? That shouldn’t be accepted. The government has to intervene.
“The continued support of the Dangote refinery by the Federal Government in terms of supplying crude oil and other necessary assistance will further bring down prices of petroleum products. As I speak with you, diesel is sold between N1,000 and N1,200/litre and the product is available now. Before Dangote came on board, diesel rose to N1,600/litre.”
Reacting to Dangote’s claim of 3.5 billion litres of fuel export, Gillis-Harry stated that though he could not confirm the export volume declared by the Dangote refinery official, crude should be sold in naira to the plant to ensure some guaranteed volumes of supply in-country.
“If Dangote says they have exported over 3 billion litres of diesel and aviation fuel, we don’t keep their books, so there’s no way we can confirm that. However, that refinery is operating in a free zone, meaning that the operation is not in-country.
“This is why we asked that the refinery should buy Nigerian crude oil. And if he buys it in Nigerian naira, at least that will give us leverage to insist on what part of that production should be for domestic consumption,” the PETROAN president stated.
On his part, Ukadike stated that members of IPMAN were getting adequate diesel supply from the Dangote refinery, adding that there had not been complaints of aviation fuel scarcity since the plant started producing the commodity.
He said, “You know that diesel rose to over N1,600/litre but when Dangote started producing it came down to N1,200 and since then the refinery has been moving the price between N1,000 and N1,200/litre.
“So I’ll say there is adequate supply of diesel from the plant and the price has been stable, while we have not experienced diesel scarcity. Marketers are also loading comfortably from Dangote’s depot. For aviation fuel, I’ve not heard the airline operators complain that it is not available.”
NUPRC reacts
When contacted on Monday and asked to state what the government was doing to provide crude to Dangote refinery, the spokesperson of the Nigeria Upstream Petroleum Regulatory Commission, Olaide Shonola, promised to revert with responses from the designated department.
Although she had yet to respond up till when this report was filed, Shinola pointed out that the issue had been recurring and efforts were being made to address it by the NUPRC.
Recently, while responding to the demand for crude by domestic refiners, NUPRC’s Chief Executive Officer, Gbenga Komolafe, promised to ensure that crude oil was supplied to the operators.
He stated that in compliance with the provisions of Section 109(2) of the Petroleum Industry Act 2021, the NUPRC in a landmark move, had developed a template guiding the activities for Domestic Crude Oil Supply Obligation.
“The commission in conjunction with relevant stakeholders from NNPC Upstream Investment Management Services, representatives of Crude Oil/Condensate Producers, Crude Oil Refinery-Owners Association of Nigeria, and Dangote Petroleum Refinery came up with the template for the buy-in of all.
“This is in a bid to foster a seamless implementation of the DCSO and ensure consistent supply of crude oil to domestic refineries,” Komolafe had stated.
Source: The Nation
Nigerian crude remained steady at $73 after a three-day decline, as concerns grew over Russian supply risks, further intensified by US President Donald Trump’s escalating threats to penalize India for purchasing crude from Moscow, as reported by Nairametrics.
Brent fell below $69 a barrel after losing over 6% in the past three sessions, while West Texas Intermediate hovered near $66 a barrel.
U.S President’s comments about “substantially raising” tariffs on exported Indian goods due to Russian oil imports were an attempt to pressure Moscow into complying with a ceasefire concerning the Ukraine conflict, which drew strong opposition from New Delhi.
The US president issued his most recent warning to India just before his deadline of August 8 for Russia to agree to a truce with Ukraine.
Tass stated that Steve Witkoff, the US Special Envoy, is scheduled to travel to Moscow on Wednesday. After Russia’s invasion of Ukraine in 2022, India became the largest purchaser of Russian seaborne crude exports, quickly increasing purchases from nearly zero to roughly one-third of imports while snatching up discounted barrels avoided by Western countries. China is a significant buyer of oil from Moscow as well.
India’s ongoing demand for oil keeps Nigerian barrels in high demand, highlighting the impact of global supply chain shifts and new consumption patterns.
Nigeria’s crude oil production increases
The narrowing delta between Brent and Nigerian crude is a sign of increased market competition. A statement released on Monday by Nigeria’s upstream regulator stated that the country’s oil production averaged 1.8 million barrels per day.
Nigeria relies on increased crude oil production to finance its economy; the black viscous hydrocarbon constitutes over 80% of foreign exchange earnings and nearly two-thirds of government revenue.
Gbenga Komolafe of the Nigerian Upstream Petroleum Regulatory Commission said the output rise is from enhanced security measures and is part of an effort to boost oil production from 1 million to 3 million barrels per day.
Nigeria aims to increase its oil output, with a medium-term target of reaching 2.06 million barrels per day by 2027, according to Bayo Ojulari, CEO of the Nigerian National Petroleum Company (NNPC) Limited. He expressed confidence that by December this year, output could reach 1.9 million barrels per day.
Nigeria achieved full operational capacity on its major crude oil pipelines in June, a milestone Ojulari said was the first in many years and signaled improved system reliability and infrastructure security.
OPEC+ members to increase crude oil output
OPEC+ members’ decision to boost crude output at the start of the next month stems from the ongoing recovery of the global economy and fundamental market factors. Data from the August 3 meeting, which involved Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, showed they reaffirmed their commitment not to destabilize the market.
The phased responsive increase marks the fourth monthly hike in the 2.2 million bpd voluntary production cuts introduced in April and November 2023 in a bid to support prices during highly volatile market conditions.
OPEC explicitly supported the participants and quoted, “By the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from1 April 2025, the eight participating countries will implement a production adjustment of 547 thousand barrels per day in September 2025 from the August 2025 required production level.
” However, industry analysts are increasingly worried that this decision could put downward pressure on oil prices, which would negatively affect Nigeria’s oil revenues.
“Although there is a lot of discussion about tariffs on India, it is clear that there is a possibility that secondary tariffs will also be applied to other buyers,” said Patterson of ING. The more buyers are subject to these tariffs, the more difficult it is for the market to cope with the potential disruption.
If India’s purchases of Russian oil are interrupted, it might have to look for supplies elsewhere. Other OPEC+ countries, those in the Middle East, were able to make up for any potential shortfall, according to a recent note from Rystad Energy. The alliance agreed to start increasing production in September by about 547,000 barrels per day.
The Dangote Petroleum Refinery has once again reduced the depot price of Premium Motor Spirit (PMS), popularly known as petrol, from N838 to N820 per litre, as crude oil prices continue to decline and competition intensifies in Nigeria’s downstream market.
This latest price adjustment – an 18 naira drop – follows a broader trend in the domestic fuel market, triggered by a fall in global crude prices to $70 per barrel, down from over $77 in June 2025. The easing of geopolitical tensions, particularly the ceasefire in the Israel-Iran conflict, has contributed significantly to the dip in crude prices, thereby affecting refined product pricing globally.
Other key operators have also revised their depot prices, albeit marginally, in response to the shifting market dynamics. Data from PetrolPrice.com revealed that while Dangote made the most significant cut, other companies made smaller reductions:
Fatgbems: N837/litre (from N838), Integrated: N836/litre (from N837), Bovas: N836/litre (from N837), AIPEC: N837/litre (from N840) and First Royal: Maintained N838/litre.
In an interview with Vanguard, Olatide Jeremiah, CEO of PetrolPrice.ng, noted: “We are seeing a lot of dynamics in both global and domestic markets. With the ceasefire in the Israel-Iran conflict, crude oil prices have dropped to about $70 per barrel from over $77. Consequently, operators in the domestic market have adjusted accordingly. We look forward to more price changes in the coming weeks.”
This is not the first time Dangote Refinery has responded swiftly to international oil market shifts. In recent weeks, the refinery had cut the gantry price of petrol by 4.5%, bringing it down to N840 from N880 per litre, as oil prices slipped to $67.50 per barrel.
Nigeria’s fuel market has remained volatile in recent months, with petrol prices largely influenced by international crude trends due to the deregulation of the downstream sector. While Dangote’s refinery has played a stabilising role since it began domestic supply, volatility in crude benchmarks like Brent and Nigeria’s Bonny Light – which recently dropped from $80 to $68 per barrel – continues to impact product pricing.
The drop in depot prices may not immediately translate into a corresponding reduction at the pump for motorists due to other cost components like transportation, margins, and taxes. However, the move is expected to ease pressure on marketers and potentially curb further hikes in retail fuel prices, especially in the face of persistent inflation and currency instability.
With Dangote’s massive refining capacity and growing influence in Nigeria’s energy market, its pricing decisions are increasingly becoming benchmarks for others. The continued drop in depot prices could provide a cushion for consumers battling with high transportation and living costs.
Still, analysts warn that unless Nigeria’s forex volatility and logistics challenges are resolved, retail fuel prices will remain vulnerable to global oil market fluctuations. As more refined products hit the market from the Dangote Refinery and as international oil prices stabilise further, stakeholders are optimistic about a more predictable pricing regime in the coming months.
As the landing price undergoes a significant revision, Nigerians will face a new petrol pump price across the country.
Dangote Refinery has made a significant announcement regarding its pricing strategy by deciding to cease the sale of petroleum products in Nigerian naira.
As a major player in the oil and gas sector, this decision may have wider implications for the market, including fluctuations in fuel prices and impacts on consumers and businesses reliant on stable petroleum costs. Continue Reading.
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The price of importing premium motor spirit, commonly referred to as petrol, into Nigeria has risen to N885 per litre, an increase from the N797 per litre recorded just last week.
The Major Energy Marketers Association of Nigeria (MEMAN) confirmed this rise in its daily energy bulletin released on Wednesday. This marks an increase of N88 per litre within a week.
With this increase, petrol prices at filling stations may soon go beyond N1,000 per litre, up from the current range of N940 to N970 per litre.
Currently, the landing cost of petrol stands at N797 per litre, while Dangote Refinery’s ex-depot price is N815 per litre. This has resulted in retail prices at MRS filling stations in Lagos and Abuja ranging from N860 to N880 per litre.
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The Nigerian National Petroleum Company Limited has made a reduction to its ex-depot price of Premium Motor Spirit, commonly known as petrol, decreasing it from N1,020 to N899 per liter.
This decision, coming days after the Dangote Refinery reduced its price to N899, was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria in a statement released on Saturday.
The statement signed by the association’s National Public Relations Officer, Dr Joseph Obele, and quoting a document released by NNPCL’s Commercial Department indicates a reduction based on the regional pricing scheme.
The price indicated that marketers would buy the product at N899 per litre, matching the price offered by the Dangote refinery a few days ago.
Marketers purchasing from Warri, Oghara, Port Harcourt and Calabar will, however, pay N970 per litre to offtake products.
The statement read, “The Nigerian National Petroleum Company Limited has taken a significant step in response to the competitive impact of deregulation in the downstream sector.
“The company recently reduced the ex-depot price of Premium Motor Spirit from N1,020 to N899 per litre.
“The price reduction by NNPCL is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.”
Obele noted that the price reduction by the national oil firm is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.
He also expressed optimism that PMS prices will drop further before the end of January 2025, given the global decline in crude oil prices and the naira’s recent gain against the dollar.
Obele described the trend as a price war while he emphasized that the price reduction by Dangote Refinery and NNPCL demonstrates the benefits of competition and advocates for the immediate privatization of government-owned refineries.
The move is expected to spark a price war among oil marketers, ultimately benefiting consumers.
However, the NNPCL spokesperson, Femi Soneye, is yet to confirm this development.
Reacting to this development, the National President of PETROAN, Billy Harry, said the price reduction is a welcome development that will bring relief to motorists and Nigerians during the holiday season.
He said, “The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians.
“We commend NNPCL for responding to our call for affordable PMS prices.”
He also listed the benefits of the price reduction to consumers, including “Reduced transportation costs: With lower PMS prices, motorists will spend less on fuel, leading to increased disposable income.
“Increased economic activity: Lower fuel prices will stimulate economic growth by reducing production costs and increasing demand for goods and services.
“Improved standard of living: The price reduction will lead to a decrease in the cost of living, enabling Nigerians to afford necessities and enjoy a better quality of life.”
Harry also commended Dangote Refinery for its earlier price reduction, which he said had helped to stimulate competition in the downstream sector.
The PETROAN national official also hinted at a report submitted by PETROAN’s technical pricing team, warning that competitive pricing can lead to compromised product quality.
He further urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure compliance with quality assurance standards.
“PETROAN is calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure compliance with quality assurance standards which may arise due to competitive pricing,” he added.
Heineken Lokpobiri, minister of state for petroleum resources (oil), says Nigeria will conform with the production quota set by the Organisation of Petroleum Exporting Countries (OPEC).
On June 2, OPEC extended Nigeria’s production quota of 1.5 million barrels of crude per day (bpd) to 2025.
OPEC said Nigeria should maintain the production level till December 31, 2025.
The oil cartel increased Nigeria’s production level to 1.5 million bpd for 2024 at its ministerial meeting on November 30, 2023.
However, Nigeria has been producing below the quota.
Speaking after OPEC’s 56th joint ministerial monitoring committee (JMMC) on October 2, the minister said Nigeria remains fully committed to the objectives of the body’s declaration of cooperation (DoC).
“Nigeria remains fully committed to the objectives of the DoC, and I can confidently confirm that our country is in conformity with the agreed production limits,” he said.
“While we continue to ramp up production in line with our national interests, we are doing so within the framework of OPEC’s guidelines, as we remain committed to balancing responsible production with our economic goals, and continue to meet our obligations under the DoC.”
OPEC RETAINS PRODUCTION OUTPUT POLICY
At the meeting, the oil cartel and its allies, known as OPEC+, retained its oil output policy, including a plan to start raising output in December.
According to a statement by OPEC, the group reviewed the crude oil production data for the months of July and August 2024 as well as current market conditions.
“During the meeting, the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation confirmed that they had achieved full conformity and compensation according to the schedules submitted for September,” the oil cartel said.
OPEC said the three countries reiterated their resolve to maintain full conformity and compensation throughout the remaining period of the agreement.
Final estimates of September’s crude oil production levels, according to the oil cartel, would be based on authorised secondary sources that would be accessible by the second week of October.
The oil alliance added that it will provide production figures for the nations that are part of the declaration of cooperation (DoC).
“The committee noted the three separate technical workshops between representatives from the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation and the secondary sources,” OPEC said.
“The meeting was aimed at discussing September production details and submitting their revised compensation plans that include the August overproduction as per the submitted plans to the OPEC Secretariat while also emphasising the need for some members to make further cuts to compensate for overproduction.
“The JMMC emphasised the critical importance of achieving full conformity and compensation. It will continue to monitor adherence to the production adjustments agreed upon at the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 2 June 2024.
“The Committee will also continue to monitor the additional voluntary production adjustments announced by some participating OPEC and non OPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024.”
Furthermore, according to OPEC, the committee would continuously assess market conditions.
OPEC said the next meeting of the JMMC is scheduled for December 1, 2024.
Petroleum marketers have raised an alarm that the Nigerian National Petroleum Company Limited, NNPCL, portal used for the purchase of Premium Motor Spirit (Petrol) has been shut down against dealers, making it impossible to apply for the commodity.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike disclosed this in a statement on Wednesday.
According to him, marketers have more than 2,000 pending tickets for the purchasing of 45,000 liters of petrol.
He hinted that the situation may lead to another round of fuel scarcity nationwide.
“I can’t confirm the price now because the portal is still shut down.
“We have more than 2,000 tickets for 45,000 liters (of petrol). That is 45,000 multiplied by 2,000, you can now know the number of million liters it will be. This is just an estimate, you know I don’t work with NNPCL and I don’t know what is on their system,” Ukadike stated.
He added that a 45,000-litre truckload of PMS is around N39.5 million, making N79 billion when multiplied by 2,000.
Reacting to the development, the spokesperson of NNPCL, Olufemi Soneye admitted that the state-owned firm has a significant backlog to address.
He said that the portal closure was intended to prevent the company from holding marketers’ funds for an extended period.
Soneye assured that the portal would soon be reopened; however, he failed to state the date when it would happen.
“We have a significant backlog to address. The closure is intended to prevent us from holding marketers’ funds for an extended period,” Soneye had explained.
“It will be reopened once the backlog has been sufficiently reduced. We are working to address it as soon as possible,” he stated.
The development comes as Nigerians struggle with high energy costs.
Recall that NNPCL in September 2024 announced a fresh price increase for petrol nationwide after lifting the product from Dangote Refinery.
Nigerians currently buy petrol between N950 and N1,100 per liter nationwide.
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