he Nigerian National Petroleum Company Limited says it has supplied 30 million barrels of crude oil to the Dangote oil refinery, with plans to provide an additional 17 million barrels soon.
The Executive Vice President of NNPCL Downstream, Adedapo Segun, disclosed this on Thursday while speaking on Arise Television.
According to Segun, the company will supply 6.3 million barrels in September and an additional 11.3 million barrels in October.
“We have supplied about 30 million barrels to Dangote so far—6.3 million this month, and we will supply 11.3 million in October
“The pump price today is not reflective of the market. NNPCL is the sole importer of Premium Motor Spirit (PMS) in the country, which is abnormal. We should be moving towards a situation where the free market determines prices.
“Let me put it into proper perspective. NNPC is not a regulator. We didn’t choose to be the sole importer. We don’t determine who participates in the market. We stepped in when others reduced their participation. It is not about us wanting to be monopolists.
“Market conditions need to be ideal, and there needs to be FX liquidity,” Segun stated, adding that broader economic reforms may be needed to address the fuel pricing issue.
