The Nigerian National Petroleum Company Limited (NNPCL) is on a course to end petrol scarcity in Lagos and its environs as Dangote Refinery and oil marketers have intensified efforts at taking final decisions on pricing and delivery of petrol to filling stations nationwide. Dangote Refinery, which can refine 650,000 barrels per day, bpd of crude oil, intends to commence production and distribution of the product, the bulk of which is currently imported from the global market, in May 2024. Checks at the weekend indicated that the parties have been meeting and exchanging notes on the pricing, distribution, and margins to stakeholders in the value chain, including transporters and insurers.
Recall that depot owners buy the product from NNPC Limited at N556 per litre and sell it to independents at N640 per litre. It was, however, learnt that independent markers have proposed N550 per litre to the management of Dangote Refinery who is currently in a discussion with them. The President of Independent Petroleum Marketers Association of Nigeria, IPMAN, Alhaji Abubakar Migandi Garima, confirmed the development yesterday. Similarly, Executive Director, of Emmanuel Egbogah Foundation for Petroleum and Energy Industry Economics and Policy Advocacy, Professor Wumi Iledare, said the coming onstream of Dangote Refinery presented an opportunity for Nigerians to enjoy cheaper petrol prices now or later.
