The Nigerian National Petroleum Company Limited (NNPCL) has announced that once the Dangote Refinery begins producing refined petroleum products, it will reduce its Premium Motor Spirit imports.
According to Information Nigeria, NNPCL is currently the sole importer of petrol into Nigeria, a role it has held for some years.
Other oil marketers stopped importing gasoline because they couldn’t get US dollars at the official rate.
NNPCL also owns a 20% share in the Dangote plant, a 650,000 barrels per day crude oil processing plant opened by former President Muhammadu Buhari on May 22, 2023, and described as a game changer.
Aliko Dangote, Founder/Chairman of Dangote Group, stated that the facility will cease the inflow of harmful substandard petroleum products into Nigeria and that the refinery would meet 100% of Nigeria’s fuel demands.
Dangote stated that the refinery would begin delivering refined products to the Nigerian market in late July or early August of this year.
When asked what would happen to the company’s fuel importation program after the Dangote Refinery began producing products in August, NNPCL spokesperson Garba-Deen Muhammad stated, ‘this will alter.’
“NNPC Limited is bringing in products from outside Nigeria out of necessity, not choice,” Muhammad explained. We would have wanted to produce here, refine here, sell here, and provide the country with the energy security it requires.
“We cannot allow the country to be grounded because of the circumstances surrounding our refineries.” As a result, we must buy and sell everywhere we can. So, why should we not buy Dangote items if they are available?
“There is no cause at all. And it is for this reason that we are intrigued by the Dangote Refinery. We’re co-owners; shouldn’t we do business with our partners instead of with strangers?”
According to the spokesman, the NNPCL would supply crude oil to the Dangote Refinery based on a business arrangement between the two parties, and this would be in compliance with the international crude pricing.
“NNPC owns 20% of that asset, and we have an agreement with Dangote to supply crude to the refinery.” So, as soon as Dangote begins to request crude in order to pay for it, NNPC is ready to supply it as a business transaction.
“We’ve been selling crude to various parts of the world for decades, and the question isn’t whether we’ll sell it to Dangote, because why wouldn’t we sell to Dangote if we’re selling to other refineries and countries?”
Mele Kyari, Chief Executive Officer of NNPCL Group, reportedly indicated that the national oil firm would begin supplying 300,000 barrels of crude oil per day to the Dangote Refinery once the plant began operations.
admin
