As Nigerians anticipate the release of petrol from the $20 billion Dangote Petroleum Refinery, the Nigerian National Petroleum Company Limited (NNPC) has announced it will begin lifting the product on September 15. However, NNPC highlighted that petrol prices will be influenced by foreign exchange rates and market forces due to the deregulated nature of the market. Oil marketers reported that approximately 2,000 tankers are waiting at depots across Lagos, Warri, and Port Harcourt for fuel.
The Federal Government assured that a substantial supply of petrol would be available soon, with vessels starting to offload, though it clarified that it would not control petrol prices. NNPC emphasized that price fluctuations are governed by free market principles and exchange rate impacts, as stipulated by the Petroleum Industry Act (PIA).
Furthermore, NNPC revealed it has supplied 30 million barrels of crude oil to the Dangote refinery and will provide an additional 17 million barrels by October. While Dangote’s refinery has yet to begin lifting petrol, it has been noted that the refinery will set prices based on market conditions, not government mandates. The government is working to prevent price gouging and ensure product quality, aiming for stable pricing as supply issues are resolved.
