PMS Hits N1,000 Per Litre As Dangote Refinery Set To Supply 25m Litres Of Petrol Daily In September
Dangote Refinery is set to supply 25 million litres of petrol to the Nigerian market daily starting from September, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said on Tuesday.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said on Tuesday that the Dangote Refinery would supply 25 million litres of petrol to the Nigerian market daily
The oil industry regulator disclosed this in a post on its X platform, adding that the refinery would increase the supply to 30 million litres daily in October.
The post read: “At the NMDPRA headquarters in Abuja, NNPCL reached an agreement to commence crude oil sale and supply to Dangote Refinery in local currency.
“The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September and will subsequently increase this amount to 30 million litres daily from October 2024.”
The President of Dangote Group, Aliko Dangote, on Tuesday officially announced the rollout of the first Premium Motor Spirit (petrol) from the 650,000 barrels per day refinery.
He said the Federal Executive Council (FEC) would decide the price of petrol produced by the refinery.
Meanwhile, the Federal Government has said no directive was issued to the Nigerian National Petroleum Company Limited (NNPC Ltd.) to increase petroleum prices to N1,000. This is as the News Agency of Nigeria (NAN) reports that as at Tuesday, the NNPC Ltd. Retail Stations adjusted their pump price, selling at N897 as against N617 per litre.
Sen. Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), in a statement, on Tuesday, issued by his Special Adviser, Media and Communication, Nnemaka Okafor, said he did not direct the NNPC Ltd. or any other entity within the sector to manipulate prices.
“The Federal Government has been compelled to address the outright falsehood and malicious claims currently circulating on social media. We categorically condemn these claims as baseless, malicious, and a deliberate attempt to incite public discontent.
“We challenge anyone in possession of any evidence-be it written documents, audio, or video recordings-that supports these fabrications to make it public.
“Such a claim is entirely devoid of truth and should be recognised as an intentional effort to mislead the public,” he said.
He explained that the NNPC Ltd. operates as an independent entity under the Companies and Allied Matters Act (CAMA), with a fully empowered Board of Directors and the Ministry of Petroleum Resources does not, and will not interfere in NNPC Ltd.’s internal decisions, including pricing matters.
“Any suggestion otherwise is not only incorrect but also reveals a profound misunderstanding of the deregulated nature of Nigeria’s petroleum sector,” he said.
He advised the public to dismiss these malicious rumors.
“Any claim to the contrary is nothing more than an ill- conceived attempt to sow discord and confusion.
“We urge all Nigerians to remain vigilant and rely solely on information from verified and official channels,” he said.
However, as at Tuesday many petrol stations across the countries have adjusted their pump price selling between N930 to N1,000 per litre.
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