Major oil marketers in Nigeria will soon begin buying petrol directly from the Dangote Petroleum Refinery.
According to the PUNCH, this change is set to start between Thursday and next week. The Nigerian National Petroleum Company Limited (NNPCL) will no longer be the only company allowed to buy petrol from the Dangote refinery.
Sources from NNPCL and the Major Oil Marketers Association of Nigeria confirmed that NNPCL has stopped being the sole buyer, which allows other companies to also purchase petrol directly from the refinery.
Unconfirmed reports suggest that new, higher petrol prices may soon be announced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
However, the NMDPRA spokesman, George Ene-Ita, did not confirm this when contacted.
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Oil marketers say this change means that the Nigerian government has fully stopped giving subsidies for petrol.
A recent report revealed that the government was spending around N236 billion each month to subsidize petrol bought through NNPCL, including petrol from the Dangote refinery. By stepping down as the sole buyer, NNPCL may save this money.
The government previously said that only NNPCL would buy petrol from Dangote after it started selling the product in September. But now, it seems other marketers can buy directly from the refinery.
A top official from an oil marketing company confirmed that while they have not yet started buying directly, NNPCL is no longer the sole buyer.
“Dangote has not come up with any price. The main thing is that it is now official that marketers can now approach the refinery and buy petrol,” the official said.
Another source from MEMAN also confirmed the change, saying they were still buying through NNPCL, but are aware that a new system is coming soon.
The Managing Director of another marketing company expects that direct purchases from the Dangote refinery will likely begin next week, as marketers are still adjusting to the change.
A senior NNPCL staff member confirmed that the company has stopped being the sole buyer of Dangote petrol, and prices will now be determined by market conditions.
