The Nigerian National Petroleum Company Limited (NNPCL) has reportedly stepped down as the sole buyer of Premium Motor Spirit (petrol) from Dangote Refinery.
According to Premium Times, this change means petroleum marketers will now have to purchase petrol directly from the refinery.
An NNPCL official told Premium Times, “Yes, it is true. We can no longer continue to bear that burden.”
This decision comes after NNPCL lifted petrol from Dangote Refinery on September 15, 2024.
Upon this lifting, NNPCL announced new fuel prices across its retail outlets, resulting in pump prices between ₦950 and ₦1,100 per liter in Abuja.
The latest move by NNPCL has sparked concerns about a potential fuel price hike. Previously, the House of Representatives urged Dangote Refinery to sell petrol directly to oil marketers. This comes as the government confirmed its sale of crude oil to the refinery in Naira.
Earlier indications from petroleum marketers and refiners suggested that the Naira-for-crude initiative could lead to a reduction in fuel prices.
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