Dangote Refinery has positioned Nigeria National Petroleum Company Limited (NNPCL) as the first exclusive buyer of its premium motor spirit or petrol, Reuters reported.
This comes as the 650,000 barrels per day capacity refinery nears the end of its testing phase and will begin supplying petrol in the coming weeks.
“We are testing the product (gasoline) and subsequently it will start flowing into the product tanks,” said the vice president at Dangote Industries Limited, Devakumar Edwin,
“If no one is buying it, we will export it as we have been exporting our aviation jet fuel and diesel,” Edwin said.
Although, he didn’t mention the exact time the product will be available in the market.
On its part NNPC said, “In line with the Petroleum Industry Act (PIA), NNPC Ltd. Remains dedicated to its role as the supplier of last resort, ensuring national energy security. We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.”
Investogist reported earlier that Nigeria faces threat to sustainable fuel supply, as a result of financial strain on the company, according a statement from NNPC signed by the Chief Corporate Communications Officer, Olufemi Soneye.
Reuters reported early July that the NNPC’s debt to oil traders had surpassed $6 billion, doubling since early April, as the company struggled to cover the gap between fixed pump prices and global fuel costs.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.