The Nigerian National Petroleum Company (NNPC) Limited has announced that it has stopped importing refined petroleum products.
Mele Kyari, NNPC’s Group Chief Executive Officer, who disclosed this while speaking at the Nigerian Association of Petroleum Explorationists’ (NAPE) conference in Lagos, said that the company now source its fuel needs from the Dangote Petroleum Refinery and other domestic refineries.
Kyari confirmed that NNPC has shifted away from importation and will source from local refiners, especially Dangote, according to BusinessDay reports.
His words:
“NNPC does not import any product; we are sourcing entirely from domestic refineries.”
Addressing speculation that NNPC may be undermining the Dangote Refinery by refusing to sell crude in naira, Kyari dismissed the claims, stating,
“There is no sabotage. Buying and selling in naira versus dollars makes no difference to us.”...Read Full Article [Click Here>]
He stressed that this approach would reduce the strain on Nigeria’s foreign exchange reserves and help curb inflation driven by fuel imports.
Meanwhile, Punch reports that the Independent Petroleum Marketers Association of Nigeria has revealed that the price of petrol from the Dangote plant is N940/litre and N990/litre when purchased using ships and trucks, respectively.
IPMAN President Abubakar Garima said the retail pump prices of petrol at its retail outlets will drop following the agreement with the Dangote refinery to lift products directly from the plant.
Meanwhile, Legit.ng earlier reported that Ghana hinted that African countries would agree on a common currency to buy Dangote petrol to dampen demand for dollars.
The West African nation also expressed interest in buying petroleum products from the refinery once it operates at full capacity.
