Total Energies, AA. Rano, 11 plc, others pay N766 to lift Dangote petrol

Total Energies, AA Rano, 11 plc and other marketers have begun lifting Dangote Petrol through Nigerian National Company (NNPC) Trading Limited for N765.99 to retail outlets nationwide.

According to BusinessDay report, some petroleum marketers who were able to complete their payment process on the NNPC trading payment portal commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery.

Tunji Oyebanji, managing director, 11Plc confirmed to the publication on Thursday evening that some marketers have started lifting the products at N765.99 from Dangote Refinery through NNPC who remain the sole off-taker of product.

“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery,” Oyebanji said.

NNPC Retail, 11plc, Total Energies, A.A Rano are among the marketers that have picked up products from the refinery.

“We don’t know the contractual financial arrangement between NNPC and the refinery but what I can confirm is we are buying at N765.99 from NNPC to lift Dangote petrol”, he added.

Efforts to get the Independent Petroleum Marketers Association of Nigeria (IPMAN) to confirm if its members have picked up products at the Dangote Refinery proved abortive.

Adedapo Segun, executive vice-president, downstream at NNPC said marketers cannot purchase petrol directly from the refinery because the product is still sold at a subsidised rate.

“That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price,” he told Journalists.

According to Segun, “The market value of PMS is still higher than what N766 or N765 or N799 that NNPC is selling.

“The situation has not changed there. So, NNPC’s off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is reasonable.

“As soon as the price allows for it, you will see the marketers go to Dangote and buy.

“So, instead of saying NNPC is the only off-taker, let’s put it this way: NNPC is the only entity that is willing to offtake because NNPC has a role under law to be the energy provider of the resort.”