October 07, (THEWILL) – The Nigerian National Petroleum Company (NNPC) Limited has reportedly relinquished its role as the sole buyer of petrol from Dangote Refinery, allowing other marketers to directly negotiate prices and purchase products from the facility.
According to Premium Times, the national oil company ended its exclusive purchase agreement with Dangote Refinery.
Although the development aligns with the deregulated oil market practice where refineries can sell on a willing buyer, willing seller basis, however, efforts by THEWILL to get the exact position of the NNPC have not been fruitful.
Spokesperson of the Company, Femi Soneye, declined comment when THEWILL contacted on Monday afternoon.
Earlier in September, Vice President of Dangote Industries Limited, Devakumar Edwin, disclosed that the 650,000 barrels-per-day Dangote Refinery had commenced petrol production, with the NNPC initially set to be the exclusive buyer.
The NNPC began lifting petrol from Dangote Refinery on September 15, as the sole off-taker of the product from the facility.
Amid concerns raised by stakeholders in the petroleum market and the National Assembly, the NNPC clarified that it is not the sole off-taker and that the refinery is free to sell its products to any interested marketer.
