Major oil marketers in Nigeria will begin purchasing petrol directly from the Dangote Refinery between this Thursday and next week. This follows the Nigerian National Petroleum Company Limited (NNPCL) pulling out as the sole buyer of petrol from the $20 billion refinery.
NNPCL and oil marketers confirmed that the company would no longer be the only buyer, allowing other players in the industry to purchase petrol directly from the Dangote refinery. This move could signal the end of petrol subsidies, as NNPCL will no longer be buying at a subsidized rate for marketers.
Reports also suggest that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has released a new petrol price template, showing potential increases in pump prices across the country.
Oil marketers are now waiting for Dangote Refinery to announce the new petrol price. While no marketer has started buying directly from the refinery yet, the transition is expected to begin soon.
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