*Pix above: IPMAN
The Nigerian National Petroleum Company Ltd now subsidises Dangote petrol at the rate of N766/litre, competent sources have revealed.
It was learned that 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.
For instance, 11plc, Total Energies, AA Rano, and other marketers have begun lifting Dangote petrol from the Nigerian National Company (NNPC) Trading Limited at the rate of N765.99 per litre, it was reported.
Meanwhile, Adedapo Segun, Executive Vice-President, Downstream at NNPC, has noted that it is so because the product is being subsidised.
He said marketers cannot purchase petrol directly from the refinery because the product is still sold at a subsidised rate.
“That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price,” he told journalists.
According to Segun, “The market value of PMS is still higher than what N766 or N765 or N799 that NNPC is selling.
“The situation has not changed there. So, NNPC’s off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is actually reasonable.
“As soon as the price allows for it, you will see the marketers go to Dangote and buy.”
It was understood that 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.
This was confirmed to the newspaper by Tunji Oyebanji, 11Plc Managing Director, on Thursday evening.
Tunji said some marketers have started lifting the products at N765.99 from Dangote Refinery through NNPC, the sole off-taker of the product.(agency)///
