By Stella Odueme
As panic buying and anxiety over possible increase in the prices of Premium Motor Spirit (PMS) otherwise known as petrol is taking place across the country, the Nigerian National Petroleum Company (NNPC) Ltd. on Thursday assured the public that no imminent hike is being contemplated.
Hopes that $20b Dangote Refinery will commence lifting of petrol by this January and thus augment distribution and bring down the price is yet to be realised as uptill now, the refinery has not commenced lifting and distribution of petrol despite earlier pronuncement.
The Company enjoined the public and motorists to disregard such rumours and desist from panic buying.
A statement by Olufemi O. Soneye,
Chief Corporate Communications Officer of
NNPC Ltd. in
Abuja reads; “The Nigerian National Petroleum Company (NNPC) Ltd. assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.
” NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.
” Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”
The price of petrol increased year-on-year, YoY, by 226.75 per cent to N626.21 per litre in September 2023, from N191.65 per litre, recorded in the corresponding period of 2022.
The Authority gathered that delays in government regulations are parts of cause of the reason why the Dangote $20b plant is yet to walk its earlier talks.
Aliko Dangote, chairman of Dangote Group, was quoted as saying that his refinery would start production with 350,000 barrels a day.
In an interview with Financial Times last year November, Dangote had said that the refinery was expecting the delivery of the first cargo of about six million barrels next month (December).
According to the publication, the refinery would begin production in December should Dangote refinery secure sufficient crude oil and the long-delayed plant works as it is supposed to.
“We are starting with 350,000 barrels a day,” the billionaire we quoted as saying.
Already, report had it that by January 15, 2024, about seven major oil marketers in Nigeria had registered with the Dangote Petroleum Refinery for the lifting and distribution of refined petroleum products produced by the $20bn plant.
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