₦airaland Forum

Dangote petrol at N766/litre

Sunday PUNCH gathered that the Dangote refinery would sell its petrol at N766 to the NNPC.

Multiple sources from the Federal Ministry of Petroleum Resources, NNPC, and major energy marketers confirmed that the deal to supply crude to the Dangote refinery in naira was a key factor that led to the PMS price.

“What we are going to see based on the deal between NNPC and Dangote is similar to the DSDP (Direct Sale of crude oil and Direct Purchase of petroleum products) transactions that used to exist between NNPC and foreign refineries in the past.

“What we are going to see based on the deal between NNPC and Dangote is similar to the DSDP (Direct Sale of crude oil and Direct Purchase of petroleum products) transactions that used to exist between NNPC and foreign refineries in the past.

“And this has really impacted positively on the price of petrol that Dangote is selling to NNPC, because the cost is around N766/litre. But I can’t tell how much NNPC is going to sell to marketers now,” a major marketer, who spoke to Sunday PUNCH in confidence due to lack of authorisation to comment on the matter, stated.

Another senior aide to President Bola Tinubu, who spoke on condition of anonymity, confirmed that the petrol would be sold at 766/litre.

Pump price may reduce

Reacting to the Dangote fuel price, a senior IPMAN official said if marketers could get the product at N766, they would need to add the cost of transportation, levies, and other margins.

He said, “Give and take, we can sell at N790 in Lagos. In the far north, it may be N820 per litre because of the distance.”

Gillis-Harry, however, said his group was not aware of the price of fuel from the Dangote refinery.

“Well, it will be acceptable because now we are paying NNPC N870 for a litre, so if we see it at N766, it is cheaper and we will prefer to buy that.

300 NNPC trucks load fuel today

The NNPC on Saturday said it had mobilised 300 trucks to lift PMS from the Dangote refinery today.

The spokesperson for the corporation, Olufemi Soneye, told one of our correspondents that the mobilisation of trucks to the refinery was based on the agreement reached by both parties as regards the lifting of petrol from the $20bn Lekki-based facility.

What's now the essence of the refinery of we're still buying fuel at above 300

Bro this country don tire me

Incorrect information useless journalist everywhere to make simple investigation become problem for them. They only good at sitting in office cross legs they only go internet to copy and paste trash.

Nigerians journalist are the most useless organization presently in Nigeria of course another problem facing the country just like judiciary, police officers and prison guard officers. Very lazy set of people.

May the soul of Dele Giwa continue rest in the bosoms of our lord jesus christ.

Good news

COMRADES, Nigerians have not escaped yet

Melagros:
COMRADES, Nigerians have not escaped yet

hahahahahahahaha

He should start first. Until then this na sensational news

Lipscomb:
Incorrect information useless journalist everywhere to make simple investigation become problem for them. They only good at sitting in office cross legs they only go internet to copy and paste trash.

Nigerians journalist are the most useless organization presently in Nigeria of course another problem facing the country just like judiciary, police officers and prison guard officers. Very lazy set of people.

May the soul of Dele Giwa continue rest in the bosoms of our lord jesus christ.

You haven't said anything.

Which one should we now believe? Punch at N766 or Vanguard at N960/980?

Why is it so difficult for Dangote to publicly announce the price he intend to sell to marketers? He has been very vocal about a lot of things this year but now that it’s time to sell, he is keeping quiet about the price.

I thought the refinery will make fuel 200naira?

Fools.

I was hoping the main reason NNPC was the sole buyer of petrol from Dangote was to subsidize which will be a miniscule amount compared to what they are paying now for foreign imports. If not Govt (disguising as NNPC) should get the fkuc out of the way and allow the market take care of itself.

Yourprick:
Bro this country don tire me

You never tire finish...

It's a welcome development. Now I wonder how much the independent marketers will sell to us
It's a good start at least subsidy remains . And the price can only go down as the value of naira increases. I'm very happy that at least the product will flood the market. And remember the Port-Harcourt refinery will start working soon. Once it's privatisation is completed God bless Nigeria

Good.

The price of petrol is gradually dropping. By the time the private refinery starts selling, the price would have dropped more

What is this

The reason why nnpc is the sole buyer of Dangote petrol is to sell for us at a cheaper price. They are trying to pay subsidy on a low key.

Softmirror:
You haven't said anything.

You won’t understand what he is saying

[quote author=ALTERNATEID post=132008727]Which one should we now believe? Punch at N766 or Vanguard at N960/980?

Why is it so difficult for Dangote to publicly announce the price he intend to sell to marketers? He has been very vocal about a lot of things this year but now that it’s time to sell, he is keeping quiet about the price. [/quoteO]
The thing no tire you??

Nigerians are in on a long lonely economic ride.

pryme:
I was hoping the main reason NNPC was the sole buyer of petrol from Dangote was to subsidize which will be a miniscule amount compared to what they are paying now for foreign imports. If not Govt (disguising as NNPC) should get the fkuc out of the way and allow the market take care of itself.

From the look of things is better they remove this subsidy. I suspect alot of foul play

Oh, Lawd...

How bad this administration is making most of us miss the "great economist and administrator in the person of Bubu. A man who was able to hold pump prices of pms under #200 for the most part of his 8-year reign.

It goes to show that if this refinery had come on board under his watch, the pump price of pms would have been slashed by half to say #100...

Oh Bubu, we miss your ingenuity and managerial wizardry.

Emilokan dey carry us dey go where we no know...



Oya make una come attack..

Tinubu and his atrocities. Use one hand increase Petro.. then use Dangote as a means of to scam Nigerians further.

casualobserver:
You won’t understand what he is saying

We are saying the same thing.

Salewa97:
Good.

The price of petrol is gradually dropping. By the time the private refinery starts selling, the price would have dropped more

Very true. Law of Demand and Supply

Salewa97:
Good.

The price of petrol is gradually dropping. By the time the private refinery starts selling, the price would have dropped more

Dropping? In your virtual life abi? All these bots sef.

commoditiesnig:
Very true. Law of Demand and Supply

See the economists.
Law of babablu ko law of babablu ni.

Salewa97:
Good.

The price of petrol is gradually dropping. By the time the private refinery starts selling, the price would have dropped more

2023 AD - by the time Dangote refinery starts...

2024 AD - by the time other refineries start...

None of the 'by the time' will reduce price below cost of production. So expecting cheap petrol if more refineries are working is fanciful.

Refineries will rather close down than permanently sell at a loss-making price.

Outside of subsidy, the only other factors that can bring down the price of petrol is if the price of crude falls significantly on the international market or naira appreciates significantly against the dollar .

DeLaRue:
2023 AD - by the time Dangote refinery starts...

2024 AD - by the time other refineries start...

None of the 'by the time' will reduce price below cost of production. So expecting cheap petrol if more refineries are working is fanciful.

Refineries will rather close down than permanently sell at a loss-making price.

Outside of subsidy, the only other factors that can bring down the price of petrol is if the price of crude falls significantly on the international market or naira appreciates significantly against the dollar .

Yeap, you are definitely correct.