A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc
*Implementation Committee meets * It’s good development — marketersBy Udeme Akpan, Obas Esiedesa & Ediri Ejoh
This arrangement enables the NNPCL to subsidise the product, whose price remains high, due mainly to the low value of the Naira, currently hovering at N1, 600/$ at the unofficial market. The presidency source, who confirmed the development, yesterday, said: “The current arrangement has been widely criticized. So, the proposed arrangement, if adopted, would completely open up the market for everyone, including the major, independent and depot owners to participate in the sector.“Also, the subsidy or under-recovery that the NNPCL continues to pay would finally be removed, thus enabling consumers to pay for the whole value of the petrol.
“NNPCL took on that role before in order to protect the price and make sure the true price was kept at a lower level. So, if people will buy directly from Dangote, how they will sell will be dependent on how much Dangote sells to them.” It stated that the giant refinery outside Lagos is scheduled to take delivery of about 24 million barrels of Nigerian supply in October and November, as it increasingly turns to local feedstock.
The Presidential Committee on the Sale of Crude Oil and Refined Products announced last month that NNPC Limited would commence the supply of 385,000 barrels of crude oil to Dangote Refinery on October 1, 2024.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dangote vs NNPCL: Coalition alleges plot to frustrate local refineries in NigeriaThe Coalition of Energy Reforms Lawyers and Activists, CERLA has alleged a plot by the Nigerian National Petroleum Company Limited, NNPCL to frustrate local refineries. At a press conference in Abuja on Tuesday, the coalition alleged that the NNPCL was not being transparent in its deal with the Dangote refinery.
Read more »
NNPCL, Dangote Refinery and a livable Nigeria, By Babafemi A. BadejoPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
It is illegal for NNPCL to fix price of Dangote petrolHuman rights lawyer, Femi Falana, SAN, says it is illegal for the Nigerian National Petroleum Company Limited, NNPCL, to determine the price of Premium Motor Spirit, also known as petrol, for the Dangote Refinery after deregulation.
Read more »
‘Don’t mislead Nigerians’ – Dangote denies selling fuel to NNPCL at N898/litreDangote Refinery has hit out at the Nigerian National Petroleum Company Limited (NNPCL) for claiming they bought fuel from them at N898 per litre. https://dailypost.
Read more »
NNPCL announces pump prices nationwide after lifting Dangote Refinery petrolThe Nigerian National Petroleum Company has released a breakdown of estimated prices of Premium Motor Spirit (Petrol) from Dangote Refinery in retail stations across the country based on September 2024 pricing. The Spokesperson of NNPCL, Olufemi Soneye disclosed this in a statement on Monday.
Read more »
Petrol Supply: NNPCL, Dangote lock horns as price reduction hope fadesThe prevailing confusion in the petroleum sector worsened on Sunday, as the Nigerian National Petroleum Company Limited and Dangote Refinery engaged in a war of words on the pricing template. This comes as Dangote Refinery on Sunday commenced petrol distribution. NNPCL was the inaugural off-taker of Dangote Refinery's Petrol.
Read more »