In a significant step towards reducing Nigeria’s reliance on imported fuel, the Nigerian National Petroleum Corporation (NNPC) has lifted its first batch of Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Refinery.
This marks a pivotal moment in the nation’s drive to enhance local refining capacity and ensure energy security.
The Dangote Refinery, the largest in Africa, began producing PMS earlier this year. NNPC’s move to lift PMS from the refinery highlights the start of a long-anticipated partnership between the national oil company and the privately owned refinery, which is expected to significantly reduce Nigeria’s fuel import bill.
According to sources within NNPC, the fuel lift is part of an agreement between NNPC and Dangote Industries Limited, where the national oil company has secured rights to purchase a substantial volume of the refinery’s output. The move aims to meet the country’s fuel demand while stabilizing prices amid global market fluctuations.
Dangote Refinery will be pumping out petrol today for the first time today September 15. This is the condition of the refinery as at this morning. May Nigeria succeed pic.twitter.com/PK11AofApP
— Dr Penking™🇳🇬🇦🇺 (@drpenking) September 15, 2024
Price of Dangote’s fuel
Premium Motor Spirit (PMS) is expected to sell between N857 and N865 per litre as NNPCL begins lifting the product from the Dangote Refinery on Sunday 15th of September, 2024.
NNPCL is anticipated to lift the product at N960/N980 per litre and sell it to marketers at N840/N850, enabling Nigerians to purchase it between N857 and N865 per litre at filling stations.
However, it remains uncertain whether a uniform price will be applied nationwide.
As of yesterday, petrol was sold for N855 per litre at NNPCL retail stations in Lagos, the lowest price available, while major marketers sold it for around N920.
At independent marketers’ stations, prices exceeded N1,000, and in other parts of the country, PMS was selling for over N1,200 per litre.
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