Petrol Sold To NNPC In Dollars, Not Naira

Dangote Refinery has clarified that its recent sale of Premium Motor Spirit (PMS), commonly known as petrol, to the Nigerian National Petroleum Company Limited (NNPC Ltd.) was conducted in U.S. dollars, Okay.ng reports.

The refinery’s spokesperson, Anthony Chiejina, in a statement released on Sunday, emphasized that their current stock of crude was procured in dollars, leading to a dollar-based transaction with NNPC Ltd.

“We sold the products to NNPC Ltd. in dollars with a lot of savings against what they are currently importing,” the statement read.

This revelation comes in response to NNPC’s claim that they purchased petrol from Dangote Refinery at ₦898 per litre.

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The refinery disputed NNPC’s naira-based pricing announcement, describing it as “misleading” and “mischievous.”

Dangote Refinery urged the public to await an official pricing declaration from the Technical Sub-Committee on Naira-based Crude Sales to Local Refineries, appointed by President Bola Ahmed Tinubu.

“We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars,” Chiejina stated.

The company highlighted that the dollar-based transaction resulted in significant savings for NNPC Ltd. compared to current import costs.

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This initial supply marks the beginning of operations for the 650,000 barrels-per-day refinery located in the Ibeju-Lekki area of Lagos State.

Dangote Refinery also reaffirmed its commitment to alleviating fuel scarcity in Nigeria, stating, “With this action, there will be petrol in every local government area of the country regardless of their remote nature.“