LAGOS — More controversy has emerged in the execution of a sale-purchase deal on premium motor spirit, otherwise known as petrol, between the Nigerian National Petroleum Company Limited, NNPCL, and Dangote Refinery.…..For More READ THE FULL ARTICLE HERE ▶▶
Thank you for reading this post, don't forget to subscribe!But with the latest delivery figure it disclosed, Dangote must have significantly surpassed its promised delivery as well as the national demand put at over 40 million litres per day.
This also implies a sudden excess supply of petrol barely a few days after the country was suffocated by acute shortage of the product, resulting in a sharp rise in the price.
“We are refining and have no reason not to load. So, loading is ongoing and we would continue to provide the product to the market.”
More imports by NNPC
Also, another vessel, known as Savanna, brought in 20,000 metric tonnes of import petrol through Mainland for distribution in Calabar while Mycroft brought in another 20,000 metric tonnes of diesel for Total Oil for distribution in Port Harcourt, Rivers State.
Two vessels – Ostria and Moriarity – brought in 15,000 metric tonnes each through Taurus and Awariste for distribution in the Warri, while Bedford brought in 12,000 metric tonnes of diesel.
Also Zonda and Capt. Gregory brought in 15,000 metric tonnes of petrol and diesel for Nepal and Awariste respectively, while Matrix Pride and Stellar also brought in 15,000 metric tonnes of petrol.
NNPCL did not respond
Efforts to get NNPCL to officially comment on the latest delivery figures from Dangote failed as the Chief Corporate Communications Officer of NNPCL, Mr. Olufemi Soneye, did not respond to questions from our reporter.
But in its earlier statement, the company had stated that 16.8million were available for loading from the refinery to its filling stations.
Why marketers can’t import petrol, lift from Dangote — NNPCL
Meanwhile, the Executive Vice-President, Downstream at NNPC, Adedapo Segun, said oil marketers have not been able to import petrol, despite the import permits granted them.
He said: “When the marketers go to Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA to get the permit or licence to get the import, typically they will say they want to import amount of automotive gas oil (AGO), aviation turbine kerosene (ATK), and some of them actually include petroleum motor spirit (PMS).
“They then go to market, check the market indices and say to themselves: PMS is still being sold below cost; if I bring it in, I’ll make a loss.
“Now they have approval to bring in ATK, AGO, and PMS, but they end up bringing only AGO and ATK.
“They do not bring in that PMS because the market is still not right for them. So, it is not because NNPC wants to be the sole importer or provider of PMS, it is because the other marketers won’t do it if it’s not profitable.”
Segun, who said marketers could also not purchase petrol directly from Dangote refinery, stated: “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.
“Basically, the situation has not changed there. So, NNPC off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is reasonable. As soon as the price allows for it, you will see the marketers go to Dangote and buy.
“So, instead of saying NNPC is the only off-taker, let’s put it this way: NNPC is the only entity that is willing to off-take because NNPC has a role under law to be the energy provider of resort.”
FG should provide welfare packages — CPPE
Reacting to the development yesterday, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said the recent upward review of petrol price has worsened the plights of most Nigerians and, of course, businesses.
“I think we need to go back to the drawing board, the social safety net in Nigeria is exclusively very weak, the people are suffering seriously and there is a limit to what they can absorb in terms of the pains of all these policies
“The government should wade into this and see how they can restore normalcy as the citizens should not be exposed to commercial pricing of petroleum products.
“The citizens are not finding it easy at all. Most recent increases have even further fuelled inflation as many citizens are trekking to places where they would have taken buses and so on. So, we are praying for an urgent intervention from the presidency on this matter.”…..For More READ THE FULL ARTICLE HERE ▶▶
