LATEST: NNPC Crash Dangote Petrol Price Massively, Adjust Fuel Pump [SEE Details]
The Nigerian National Petroleum Company Limited (NNPC) has disclosed the reason marketers cannot purchase petrol from Dangote refinery. NNPC vice president, Downstream, Dapo Segun, said that the cost of Dangote petrol is not yet cost- reflective.
He said that for now, only NNPC can import the product and buy directly from Dangote.
The Nigerian National Petroleum Company Limited has said that oil marketers cannot import or buy petrol from Dangote refinery because the product is not viable and cost- reflective.
Dapo Segun, executive vice president of the NNPC’ s downstream division, said no one was excluded from petrol imports.
NNPC Clarifies The Position Of Petrol Import By Marketers
He said the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved import permits.
According to Segun, marketers always ask for permits from NMDPRA to import petroleum products, including PMS, but they do not import petrol because the market is not profitable. On buying products from Dangote Refinery, Segun said that the Dangote petrol is sold at the market price and that the NNPC is the only company to offtake the product for now.
Watch the video below;
NNPC Price To Marketers
According to the NNPC executive, petrol’ s market value is still higher than the N766 or N765 per litre NNPC sells the product to marketers. He said: ” So, there is no way the marketers would bring it in. There’ s no way the marketers would also buy from Dangote.
He disclosed that every other marketer can purchase the product as soon as prices are cost- reflective. He disclosed that as soon as the market becomes viable, marketers cannot buy Dangote’ s productDangote product.
Screenshot credit: Legit News NG
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