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The Nigerian National Petroleum Company (NNPC) Limited has disclosed it would be supplying a total of 17.6 million barrels of crude oil to Dangote Refinery between September and October 2024 as part of the federal government’s push to drive local production of petroleum products.
TheNewsGuru.com (TNG) reports NNPC Limited to have said this month alone, the Dangote Refinery will be receiving 6.3 million barrels of crude oil in 7 cargoes and that in the month of October the refinery will receive another 11.3 million barrels of crude oil in 13 cargoes.
“We have supplied about 30 million barrels of crude oil to Dangote Refinery so far, and this month alone, we will be providing 6.3 million barrels of crude oil to the refinery in seven cargoes. In October, we will be providing another 11.3 million barrels of crude oil to Dangote refinery in 13 cargoes. We are doing everything possible to ensure this situation normalises,” the NNPC said.
Mr Adedapo Segun, the Executive Vice President, Downstream, NNPC Limited, who made this known in a statement on Thursday, noted that this is in addition to the 30 million barrels of crude oil that had earlier been supplied to the Dangote Refinery.
He also noted that the current fuel scarcity is expected to ease off in a few days as more stations will begin selling the product and that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of petrol occasioned by unrestricted free market forces.
Segun said Section 205 of the Petroleum Industry Act (PIA 2021), which established NNPC Limited, stipulated that petroleum prices were determined by unrestricted free market forces.
He said that the NNPC Ltd. has about 1,000 fuel stations nationwide and was collaborating with marketers to ensure that stations opened early and close late to maintain adequate fuel supply to meet the needs of Nigerians.
“We are also engaging relevant authorities to ensure products diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations recalibrate and begin operations.
“The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices,” he said
On the commencement of lifting PMS from the Dangote Refinery, Segun said that the NNPC Ltd. was awaiting the September 15 timeline provided by the refinery.