Oil marketers, such as A Rano, TotalEnergies and others have commenced purchasing Ɗangote petrol from the Nigerian National Company (NNPC) Trading Limited at N765.99 per litre.
According to reports, some petroleum marketers who were able to complete their payment processes on the NNPC trading payment portal, commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery.
As of yesterday evening, the NNPCL spokesperson, Femi Soneye, had said that the refinery bought petrol from Ɗangote Refinery at N898 per litre. He said market forces now determine domestic pump prices.
In an earlier reaction, Ɗangote Refinery spokesperson, Anthony Chiejina, had described the claim as “misleading and mischievous, aimed at undermining the refinery’s achievement in addressing Nigeria’s energy insufficiency”. However, the refinery failed to disclose the price it sold the product to NNPCL.
However, in a counter-statement, the NNPCL insisted it bought the product for N898 per litre, saying it would be grateful for any discount from the Ɗangote Refinery that could be passed 100% to the general public.
The NNPCL noted that apart from landing costs from refineries, suppliers must pay statutory and regulatory charges for each litre of petrol. Those charges include the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA) fee, N8.99; inspection fee, N0.97; distribution cost (Lagos), N15.00; and profit margin, N26.48.
The State oil company said that once freight and other statutory costs are added, the product would cost more at the pump – N950.22 per litre in Lagos, N980.22 in Rivers, and N992.22 in Abuja. Meanwhile, the selling price in Maiduguri is N1,019.
