As the September 15, 2024, start date for lifting Premium Motor Spirit (PMS) from the Dangote Refinery approaches, They have uncovered that no commercial agreement has been finalized between the Nigerian National Petroleum Company Limited (NNPC) and Dangote. Sources from both NNPC and Dangote confirmed on Tuesday that discussions regarding the quantity and pricing of the petrol have yet to be concluded.
On September 5, 2024, Adedapo Segun, Executive Vice President of Downstream at NNPC, announced on a live television program that the company would commence lifting Dangote petrol on September 15. He also mentioned that the price would be influenced by foreign exchange rates and market forces, given the deregulated nature of the market.
However, government sources revealed on Tuesday that no formal agreement or paperwork had been completed between NNPC and Dangote for this transaction. They noted that essential terms and conditions for the deal remain unresolved, raising doubts about whether petrol will indeed be lifted from Dangote on the announced date.
A senior official at Dangote refinery, who requested anonymity due to a lack of authorization, confirmed that no agreement on pricing or other details has been made. They emphasized that discussions on pricing and other terms are necessary before any lifting can occur.
An official from the Federal Ministry of Petroleum Resources echoed this sentiment, stating that while negotiations are ongoing, no concrete agreements have been reached yet.
Business adviser Dan Kunle has called on President Bola Tinubu to intervene to address the concerns surrounding the petrol supply issue, which he believes is contributing to the country’s socioeconomic crisis.
As of Tuesday night, NNPC spokesperson Olufemi Soneye had not responded to inquiries about the matter.
Written by: Idu Sunita