The Nigerian National Petroleum Company Limited (NNPCL) has announced that petrol from the Dangote Refinery will begin flowing into the Nigerian market starting September 15, 2024. This marks a significant development following the refinery’s commencement of petrol refining earlier in the week.
In a statement issued by NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, the company emphasized that petrol prices will now be determined by market forces, as the downstream sector has been fully deregulated. The NNPCL will no longer control fuel prices.
Adedapo Segun, NNPCL’s Executive Vice President of Downstream, explained that foreign exchange (forex) challenges have been a key factor in petrol price fluctuations. He reassured Nigerians that the current scarcity should ease soon, as filling stations recalibrate and resume PMS sales.
Citing Section 205 of the Petroleum Industry Act (PIA), Segun reiterated that the market—not the government—will dictate fuel prices moving forward. The exchange rate will continue to play a significant role in determining costs.
NNPCL is coordinating with fuel marketers to ensure stations are stocked and operational, preventing any product diversions. As the September 15 deadline approaches, Nigerians can expect a steady supply of petrol from the Dangote Refinery, aimed at stabilizing the market.
