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After hoping against hope for reduced petrol price from rolled out fuel from Dangote Refinery. The fixed price disappointed not a few.
But hope is rising again that in two weeks time, October 1, to be specific, the price will go down.
YOUNEWS posits that
the current pump price remains high due to the dollar-denominated crude oil purchases., Which was what caused the famous argument between NNPC and Dangote Refinery. One was calculating landing cost in Dollars , while the other was doing in Naira.. The crude oil , used for this initial production was in Dollars.
The crude oil in Naira , as intervened by president Tinubu can only take effect October 1
In due time when benchmarking crude oil prices in naira begins,things will change
On Sunday, NNPC started lifting PMS, also known as petrol, at the Dangote refinery gantry after a protracted period of price negotiations.
YOUNEWS is aware that the crude-for-naira scheme set to begin on October 1, and could lead to a decrease in petrol prices.
The premium motor spirit (PMS) supply agreement between the federal government and Dangote Petroleum Refinery will also reduce the pressure on foreign exchange (FX) demand.
There are signals that this could lead to the end of petrol scarcity and also lead to reduced pressure on foreign exchange (FX) demand.
According to Federal government in Nigeria, NNPC will be the sole distributor of petrol produced by the Dangote refinery.
As NNPC began loading PMS from Dangote refinery, the national oil company said the refiner sold the petrol at N898 per litre.
However, Dangote refinery countered the claim, describing it as “misleading and mischievous”.
Following the dispute, NNPC, on Monday, released the estimated pump price of petrol based on prices set by the Dangote refinery.
