Oil & Gas
Dangote petrol: Marketers wait as delivery date extended again
There are strong indications that the Dangote Petroleum Refinery may not roll out petrol on Monday in line with its earlier schedule.
The President, Dangote Group, Alhaji Aliko Dangote, had last month projected that the refinery would begin the production of petrol between August 10 and 12, 2024.
However, the 650,000 barrels per day capacity refinery might not roll out petrol on Monday (today).
But multiple officials close to the development confirmed that all was set for the refinery to begin the production of the much-awaited Premium Motor Spirit before the end of August.
“All is set. The refinery will roll out petrol this month. However, its concern is that the refinery cannot stop for one minute, it needs the constant supply of crude to keep going,” one of the top officials close the refinery said
However, further findings show that the ongoing crude supply crisis might be a setback to the Dangote oil refinery which is supposed to commence the supply of the much-awaited Premium Motor Spirit, popularly called petrol, into the market today.
This is also as PMS marketers await the sale of the commodity by the refinery this week.
The refinery has put efforts in top gear to roll out petrol this August, even as it awaits 29 million barrels of crude oil from the Nigerian Upstream Petroleum Regulatory Commission.
Reliable sources privy to the development told our correspondent that the refinery is ready to release petrol this month, regardless of the crude crisis.
The sources, who did not want to be mentioned because of the sensitivity of the matter, disclosed that the company is 100 per cent ready to pump out petrol as planned. However, they said the low supply of crude may impact the process.
“I can confirm to you that we will start the sale of PMS this August, though the low supply of crude oil has always been affecting the process. But from the information at my disposal, we are 100 per cent ready for the supply of PMS,” a source stated.
Another informed person said the refinery is still awaiting 29 million barrels of crude oil from the NUPRC.
“The NUPRC is yet to fulfil the supply of the 29 million barrels promised to Dangote. They are still waiting for that. Surprisingly, the 29 million barrels were allocated on paper, they didn’t get to the refinery, yet the NUPRC told the media on Friday that the crude was supplied.
“Dangote refinery needs 15 cargoes for September, only six cargoes have been supplied. Where do you want him to get the remaining nine cargoes? He will have to import again. Though the President said local refineries should buy in naira, but if it is at the international rate. What is the difference?” she asked.
Our correspondent reliably gathered that though Dangote will roll out the supply of petrol in August, the product may not be sold locally due to price differential.
Experts familiar with the company stated that the current price being offered by the Nigerian National Petroleum Company Limited for petrol is not competitive for any trader.
“For Dangote to sell to Nigerians, it has to be at a competitive rate. Dangote will source crude at the international rate, how do you expect him to sell at a rate below the cost price? So, it will be better to sell outside the country than to sell in Nigeria at a loss.
“There is a lot of politics in oil and gas, and this is heavily killing Nigeria. Just like former President Olusegun Obasanjo said, those making money from fuel importation are frustrating Dangote,” the expert said anonymously.
Some workers of the refinery who spoke reluctantly to our reporter maintained that all was set for the sale of petrol, but they would not know the exact date and the price.
“I learnt PMS will be out probably by next week, but I don’t know the exact date,” one of the workers disclosed, pleading not to be mentioned because he was not authorised to speak to the press.
29 million barrels
The Dangote refinery engaged in an exchange of words with the NUPRC over the alleged supply of 29 million barrels of crude oil to the refinery.
The Dangote Group Thursday accused the NUPRC of failing to effectively enforce the Domestic Crude Supply Obligations regulations, saying the refinery had yet to get enough crude locally.
Reacting, the NUPRC debunked the claim, stating that it facilitated the supply of over 29 million barrels of crude oil to Dangote from January to June 2024.
The NUPRC argued that it had facilitated the domestic supply of crude oil to Dangote refinery and other refineries using the monthly production curtailment platform.
“A breakdown shows that nine refineries have benefitted from the 32,088,122 barrels of crude as Dangote alone enjoyed 29,047,098 barrels out of the total supply between January to June 2024.”
According to the commission, the Warri refinery reportedly received 949,670 barrels; NDPR refinery got 823,395 barrels of crude; Port Harcourt refinery received 471,123 barrels; Seplat-WPSOL refinery was allocated 419,541 barrels while Waltersmith-WSPOL refinery got 296,353 barrels.
Other beneficiaries listed include the Edo refinery which got 58,504 barrels of crude and Du-port refinery which got 22,438 barrels of crude.
It added that in the pursuit of its mandate, if it became necessary for licences to be withdrawn, the commission would do so, but it would not resort to the ‘presumptuous and arbitrary’ withdrawal of licences because of the ‘sanctity of contract.’
But in a swift response, the Dangote Group also denied receiving 29 million barrels of crude from any source.
Spokesperson of the Dangote Group, Anthony Chiejina, had said, “We receive NUPRC’s statement that they have facilitated the allocation of 29 million barrels of crude oil to the Dangote Petroleum Refinery and Petrochemicals, we would like to thank them for this allocation but at the same time, we wish to let them know that we are yet to receive these cargoes.
“Aside from the term supply we bilaterally negotiated with NNPCL, so far NUPRC has only facilitated the purchase of one crude cargo from a domestic producer. The rest of the cargoes we have processed were purchased from international traders.”
Chiejina added that all the refinery was asking for was for refineries in Nigeria to buy crude directly from the companies that produce it in Nigeria rather than from international middlemen.
“Unfortunately, the NUPRC has effectively admitted in their statement that they will be unable to enforce the domestic crude supply obligation as specified in the PIA, citing ‘sanctity of contracts’ as an excuse,” Chiejina stated.
In a chat on Sunday, the NUPRC spokesperson, Olaide Shonola, told our correspondent that the commission was looking into the claims by the refinery that the allocated 29 million barrels were not received.
As August progresses, Nigerians are beginning to ask whether or not the Dangote refinery will be able to supply petrol this month as promised by the President of the Dangote Group, Alhaji Aliko Dangote.
The worries of many Nigerians stemmed from the crude shortage crisis that has been rocking the facility since it commenced operations a few months ago.Dangote had to postpone the supply of PMS like three times since the refinery began the sale of diesel and aviation fuel in April.
In May, Dangote told Nigerians that fuel importation would completely stop in Nigeria the moment the refinery began the sale of petrol in June.
During the Africa CEO Summit in Rwanda, Dangote promised that the refinery would put an end to the monthly importation of an average of one billion litres of PMS in Nigeria from June.
According to him, following the laid-down plans of the Dangote refinery, Nigeria will no longer need to import petrol starting in June.
He said, “Right now, Nigeria has no cause to import anything apart from gasoline (petrol) and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre.
“We have enough gasoline to give to at least the entire West Africa; and diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico.
“We have started producing jet fuel, we are producing diesel, and by next month (June), we’ll be producing gasoline. What that will do is that it will be able to take most African crude.”
In June, Dangote informed Nigerians that his plan to release petrol into the market in the sixth month of the year would no longer be possible, sparking reactions from Nigerians.
While on a tour of the facility with Governor Babajide Sanwo-Olu of Lagos State and other dignitaries, he announced, “We had a bit of delay, but PMS will start coming out by 10 to 15 of July. But then, we want to keep it in the tank to make sure that it settles. So, by the third week of July, we’ll be able to come out to take it into the market,” Dangote had said.
However, this could not happen in July as Dangote again told pressmen that the supply of petrol was impacted by a fire incident that broke out at the refinery’s effluent treatment plant on June 26. He said the product would be out between August 12 and 15.
Marketers await Dangote
Meanwhile, petroleum marketers in Nigeria said they are still waiting to hear from the refinery on when it would begin the release of petrol.
Both major and independent marketers showed interest in buying PMS from Dangote, especially after years of depending on the Nigerian National Petroleum Company Limited for petrol.
The Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, the major marketers are waiting to hear from the Dangote Group.
According to him, MEMAN members are currently buying PMS from the NNPC while most of them get diesel and aviation fuel from the Dangote refinery.
“We are still waiting for them. Currently, it is only the NNPC that imports PMS because of the price differential. So, we are waiting (for Dangote refinery).
“Currently, we are all buying AGO (diesel) and ATK (aviation fuel) from the Dangote refinery. To the best of my knowledge, marketers are not buying PMS yet,” Isong stated.
Crude crisis
The management of the Dangote Group had alleged that the International Oil Companies were still frustrating crude supply to the 650,000-capacity refinery.
The group said the IOCs insisted on selling crude oil to its refinery through their foreign agents, saying the local price of crude will continue to increase because the trading arms offer cargoes at $2 to $4 per barrel, above NUPRC’s official price.
It also alleged that the foreign oil producers seem to be prioritising Asian countries in selling the crude they produce in Nigeria.
The Vice President of Oil & Gas, Dangote Industries Limited, Mr Devakumar Edwin, had said, “If the Domestic Crude Supply Obligation guidelines are diligently implemented, this will ensure that we deal directly with the companies producing the crude oil in Nigeria as stipulated by the Petroleum Industry Act.”
Edwin insisted that IOCs operating in Nigeria have consistently frustrated the company’s requests for locally produced crude as feedstock for its refining process.
He highlighted that when cargoes were offered to the oil company by the trading arms, it was sometimes at a $2 to $4 (per barrel) premium above the official price set by the Nigerian Upstream Petroleum Regulatory Commission.
Edwin was reacting to a statement by the Chief Executive of the NUPRC, Gbenga Komolafe, who in an interview on national television said, “It is ‘erroneous’ for one to say that the International Oil Companies are refusing to make crude oil available to domestic refiners, as the Petroleum Industry Act has a stipulation that calls for a willing-buyer, willing-seller relationship.”
The Chief Executive of Nigerian NMDPRA, Farouk Ahmed, had also debunked the claim by the Dangote official, saying Nigeria could not rely heavily on the Dangote refinery for its fuel supply.
Ahmed had also alleged that Dangote diesel had a higher sulphur content than the ones imported into the country.
But the President of the Dangote Group, Aliko Dangote, had denied the allegation, wondering how he could be a monopoly when the Nigerian National Petroleum Company Limited was renovating government-owned refineries with $4bn.
President Bola Tinubu has since ordered the NNPC to sell crude oil to Dangote in naira.
Hasten crude supply
Oil marketers who weighed into the matter called on the NNPC and the International Oil Companies to hasten up the process of crude oil supply to local refineries both in naira and adequate volumes.
Reacting to the claim by Dangote and other domestic refiners that they had yet to get crude both in naira and as required, the National Publicity Secretary, Chief Ukadike Chinedu, said, “I think the NNPC is on top of this matter.
“However, I must state that they need to expedite action to ensure that crude oil is sent to the refineries. But you need to understand that the process of getting something from the government does not happen easily, some processes must be followed.
“While we admit that there are processes, we are advising those implementing these processes to hasten it up so that the refineries will start refining as quickly as possible and bring down the costs of these petroleum products which have remained a burden on Nigerians.
“It is not sensible that we are an oil-producing country and refined products are still high in our nation, and we are still importing from other refineries when we have refineries in Nigeria. We have to act and it has to be fast.”
Also speaking on the matter, the National Operations Controller of IPMAN, Mustapha Zarma, called on NNPC and IOCs to strive to supply crude oil to domestic refineries both in naira and the required volumes.
This, he said, was because of the enormous gain that the domestic supply of crude oil would have on the local currency and the Nigerian economy.
“The directive of Mr President on the supply of crude oil to Dangote and other local refineries is a welcome development and will help the naira appreciate. This is because most of the demand for forex comes from the petroleum sector.
“So if the refineries get crude oil in naira, I believe that there won’t be much pressure again on the naira. It is a welcome development that should be implemented by the oil producing companies and NNPC.
“Also, they must strive to ensure the supply. Of course, this may not be immediate considering the processes that it may require but the fact is that it should be given the necessary speed to save our local currency from further depreciation,” Zarma stated.
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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