NNPC will reduce fuel imports beginning in August. The Nigerian National Petroleum Company (NNPCL) has announced that once the Dangote Refinery begins producing refined petroleum products in late July or early August, the NNPCL will reduce its imports of Premium Motor Spirit, also known as petrol.
NNPC is currently Nigeria’s sole importer of petrol, a role it has held for some years. Other oil marketers stopped importing gasoline because they couldn’t get US dollars at the official rate.
NNPC also has a 20% share in the Dangote Refinery. Former President Muhammadu Buhari opened the 650,000 barrels per day crude oil processing refinery on May 22, 2023, calling it a game changer.
Additionally, at At the inauguration, Aliko Dangote, Founder/Chairman of Dangote Group, stated that the facility will cease the inflow of harmful substandard petroleum products into Nigeria, and that the refinery would meet 100% of Nigeria’s fuel demands.
YOU MAY ALSO LIKE: JAMB To Place Evacuated Sudanese Students In Nigerian Universities
Dangote further indicated that the refinery will begin supplying refined products to the Nigerian market in late July or early August of this year. When approached by our correspondent and asked what would happen to the NNPC fuel imports program once the Dangote Refinery began producing products in August, Garba-Deen Muhammad, the national oil firm’s spokesperson, stated this would change.
“NNPC Limited is bringing in products from outside Nigeria out of necessity, not choice,” he explained. We We would have wanted to produce here, refine here, sell here, and provide the country with the energy security it requires.
The coming online of Dangote Refinery in the coming days will reduce NNPC Limited’s importation of petroleum products and the horrors of petrol subsidy.
Comrade Festus Osifo, president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), revealed this on Thursday during the 7th Triennial National Delegates’ Conference in Abuja.
He stated that the refinery will have an impact on the fuel supply dynamics. “We applaud the bold move by Dangote Refinery operators to bring the facility online soon, and we hope that its addition will boost local production, reduce product importation, and bring an end to the era of uncertainty in the industry.” “Uncertainties in petroleum product pricing and the perils of subsidy payment,” he explained.
THE NNPC has announced that once the Dangote Refinery begins producing refined petroleum products in late July or early August, the NNPC would reduce its imports of Premium Motor Spirit, also known as petrol.
YOU MAY ALSO LIKE: Sweden ‘Sex Championship’ 2023 Declared False
NNPCL also has a 20% share in the Dangote Refinery. Former President Muhammadu Buhari opened the 650,000 barrels per day crude oil processing refinery on May 22, 2023, and described the facility.
At the inauguration, Aliko Dangote, Founder/Chairman of Dangote Group, stated that the facility will cease the inflow of harmful substandard petroleum products into Nigeria, and that the refinery would meet 100% of Nigeria’s fuel demands.
Dangote further indicated that the refinery will begin supplying refined products to the Nigerian market in late July or early August of this year. “NNPC Limited is bringing in products from outside Nigeria out of necessity, not choice,” he explained.
We would have wanted to produce here, refine here, sell here, and provide the country with the energy security it requires. “We cannot allow the country to be grounded because of the circumstances surrounding our refineries.” As a result, we must buy and sell everywhere we can. So, why should we not buy Dangote items if they are available?
“There is no cause at all. And it is for this reason that we are intrigued by the Dangote Refinery. We’re co-owners; shouldn’t we do business with our partners instead of with strangers?”
Muhammad added that the NNPCL would supply crude oil to the Dangote Refinery in compliance with a business arrangement between the two sides, and that this would be in line with the international crude pricing.
“NNPC owns 20% of that asset, and we have an agreement with Dangote to supply crude to the refinery.” So, as soon as Dangote begins to request crude in order to pay for it, NNPC is ready to supply it as a business transaction.
“We’ve been selling crude to various parts of the world for decades, and the question isn’t whether we’ll sell it to Dangote, because why wouldn’t we sell to Dangote if we’re selling to other refineries and countries?”
