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We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC - Politics - Nairaland

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We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by Omooba77: 12:41pm On Sep 07
NNPC Ltd Not the Sole Offtaker; Market Open to Lower Prices from Any Domestic Refinery

The attention of the NNPC Ltd has been drawn to a press release by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the Nigerian National Petroleum Company Limited (NNPC Ltd). Specifically, MURIC asserts that recent changes to the pump price of Premium Motor Spirit (PMS) will prevent the Dangote Refinery from offering lower prices and that NNPC Ltd. has become the sole offtaker of all products from the refinery.

To set the records straight, NNPC Ltd. wishes to further state as follows:

1. The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces. The recent changes in PMS prices have no impact on the DRL or any other domestic refinery's access to the Nigerian market. In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market.

2. Furthermore, we emphasize that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd. will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products. NNPC Ltd. has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole offtaker does not arise.

3. The NNPC Ltd. cannot undermine a business in which it holds a billion-dollar stake.

4. As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja

7th September, 2024

https://www.facebook.com/share/p/sXCUpdSmrhRHJAiv/?mibextid=oFDknk

Previous Thread:
https://www.nairaland.com/8206415/pms-nnpcl-should-revert-old

9 Likes 4 Shares

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by iwaeda: 1:41pm On Sep 07
Omooba77:
NNPC Ltd Not the Sole Offtaker; Market Open to Lower Prices from Any Domestic Refinery

The attention of the NNPC Ltd has been drawn to a press release by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the Nigerian National Petroleum Company Limited (NNPC Ltd). Specifically, MURIC asserts that recent changes to the pump price of Premium Motor Spirit (PMS) will prevent the Dangote Refinery from offering lower prices and that NNPC Ltd. has become the sole offtaker of all products from the refinery.

To set the records straight, NNPC Ltd. wishes to further state as follows:

1. The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces. The recent changes in PMS prices have no impact on the DRL or any other domestic refinery's access to the Nigerian market. In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market.

2. Furthermore, we emphasize that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd. will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products. NNPC Ltd. has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole offtaker does not arise.

3. The NNPC Ltd. cannot undermine a business in which it holds a billion-dollar stake.

4. As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja

7th September, 2024
Is this not what Dangote himself said. On MURIC stand this time. We mandately stand. grin grin grin grin cry cry cry

22 Likes 1 Share

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by Omooba77: 2:06pm On Sep 07
iwaeda:

Is this not what Dangote himself said. On MURIC stand this time. We mandately stand. grin grin grin grin cry cry cry
It is well brother.....

3 Likes

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by Melagros(m): 2:18pm On Sep 07
COMRADES, let's see how it goes, because I don't trust NNPC

25 Likes 1 Share

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by iwaeda: 2:54pm On Sep 07
Omooba77:

It is well brother.....
grin
Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by onatisi(m): 2:58pm On Sep 07
The major problem NNPCA AND TInubu is having at the.moment now is how to tell Nigerians That the price of 897 is not even workable and that they have to increase the rate again
They have seen people reaction to 897 ,now coming out to say 897 is not even feasible is a big problem . No wonder they are trying to push that responsiblity to Dangote.

44 Likes 3 Shares

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by EyeCumInPeace: 3:07pm On Sep 07
Fuel price from less than ₦200 to now more than ₦1000 all in less than 2yrs of Thïefnubu's regime.

Kai! I miss calamity Buhari. cry

94 Likes 2 Shares

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by Bobloco: 3:28pm On Sep 07
EyeCumInPeace:

Fuel price from less than ₦200 to now more than ₦1000 all in less than 2yrs of Thïefnubu's regime.

Kai! I miss calamity Buhari. cry

And to even think that Buhari could manage the Nigerian economy for eight solid years far better than the so-called first-class accountant and Lagos blueprint builder is unimaginable.

158 Likes 10 Shares

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by Melagros(m): 3:58pm On Sep 07
COMRADES, APC na one nonsense party, I swear to God, I dey pity her deluded followers

30 Likes

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by LibertyRep: 4:22pm On Sep 07
So they've been lying to us all these while that Dangote refinery will bring succour to the masses.
If there won't be a reduction in the pump price of DRL products, what then is the gain?

35 Likes

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by DeLaRue: 4:26pm On Sep 07
Actually I think many of us read it all wrong.

It was Mr Dangote that announced that NNPC would be the sole off taker.

At no time did NNPC itself announce it.

But my question to NNPC is this? If MURIC had not raised the issue, NNPC would have kept quiet and not corrected Mr Dangote's statement?

I think the federal government and NNPC want Dangote to take responsibility for announcing the price of its product.

That way the public will blame Dangote, not the government for the price.

46 Likes 3 Shares

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by MrBrownJay1(m): 4:27pm On Sep 07
they are already planning to sell Dangote's cheaper product at higher price (and STILL make a killing). the minute you got rid of ALL these middle men (who were making a profit off of foreign refineries), is the minute there are NO MORE MIDDLE MEN and you start solving the problem. if these middle men want to keep making money off of local refinery then the problem is not Dangote but these yeye middle men.

the above is called... PUTTING VASELINE BEFORE THEY RAPED YOU AGAIN!!!

crude that is bought from the Nigerian gov and paid in Naira by a Nigerian refinery, and thereafter sold back in Nigeria in Naira certainly wont be impacted by global market forces.

50 Likes 7 Shares

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by DeLaRue: 4:36pm On Sep 07
MrBrownJay1:
they are already planning to sell Dangote's cheaper at higher price and STILL make a killing.

the above is called... PUTTING VASELINE BEFORE THEY RAPED YOU AGAIN!!!


I don't think so.

I think what is happening is that NNPC wants Dangote to announce its price by itself.

NNPC will buy at that price and sell to the public.

And if other buyers can also buy directly from Dangote, as the NNPC has now said, then no one can blame NNPC for pricing.

Mr Dangote will not like this as whatever price he announces will not please the public.

16 Likes 2 Shares

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by Brendaniel: 4:36pm On Sep 07
DeLaRue:


I don't think so.

I think what is happening is that NNPC wants Dangote to announce its price by itself.

NNPC will buy at that price and sell to the public.

And if other buyers can also buy directly from Dangote, as the NNPC has now said, then no one can blame NNPC for pricing.


I think Tinubu wants to completely remove subsidy, because information will be more opened from now on, unlike when they were importing when it was shrouded in secrecy, people getting paid for not even importing anything and so on.

Tinubu's company has already earned about 1 billion dollars in subsidy in the last 1 year, so they are about switching to another mode of eating the money, whatever deal they've struck with Dangote is what will reveal with time ..

22 Likes 2 Shares

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by Cj4charles(m): 4:36pm On Sep 07
Who noticed how those top Nairaland Zombies like SKELETONBBQGRILLS, Hèlinus and co have been avoiding Nairaland forums lately... the government have been disappointing them in all ramifications 😁😅🤣 now I know Fela never made any mistake when he sang the song "Zombie ó Zombie"

59 Likes 8 Shares

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by Mitsurugi(m): 4:37pm On Sep 07
grin
Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by Habbeyy: 4:37pm On Sep 07
Omo, muric get level sha. grin

11 Likes 2 Shares

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by chukwuibuipob: 4:37pm On Sep 07
angry see how these people dey toss us around like dice angry.DANGOTE should announce his price biko sad

40 Likes

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by Akfrenzy(m): 4:38pm On Sep 07
grin
Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by OMEGA009(m): 4:38pm On Sep 07
They can reply Mumuric but don’t deem it fit to respond to the teeming millions of people who are groaning under the weight of their greedy decisions? Anyway, I don’t blame them. Na those he’ll bound NLC I blame. The e-diots collected “thanks for coming” and agreed to a slave wage with the yahoo promise of no increment in fuel price. Las las, sha. Their children will be stoned on the streets

15 Likes 2 Shares

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by chatinent: 4:38pm On Sep 07
NNPC has become bulaba's hand fan.

6 Likes 1 Share

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by mastermaestro(m): 4:39pm On Sep 07
NNPC has finally gone bonkers. cheesy So they now reply every Tom, Dick and Harry? Are they this idle? No wonder our petroleum industry is in a mess. cheesy

7 Likes

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by goatandyam: 4:39pm On Sep 07
WTF?
Why the hell are they replying a terrorist and extremist organization?


E be like this NNPC people are another level pf idiots and animals

I can't believe they could be so stupid to that extent. WTF?

8 Likes 2 Shares

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by Nanalucky: 4:40pm On Sep 07
God will judge all of you...
Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by givedemwotowoto: 4:40pm On Sep 07
Not only did the cost of petrol rise by almost 500%, Naira also lost about 70% of its previous value under Buhari

1 Like 1 Share

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by bigpicture001: 4:40pm On Sep 07
Story for the gods....
Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by Ojuntana: 4:40pm On Sep 07
Nnpc is replying muric grin grin

Dem never ready talk true about those behind this muric

15 Likes 2 Shares

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by emy9(m): 4:41pm On Sep 07
The FG has shown itself to be deceitful. They're looking for ways to increase the pump price of petrol before selling to Nigerians. Suddenly we are hearing of 'market forces', 'international benchmark', etc when DRL is about to start selling to Nigerians through NNPCL which has insisted on being the sole purchaser of refined petrol.

Dangote being a smart man has kept mute as it is the purview of the FG to dictate what price it will sell to Nigerians after purchasing it from DRL.

The cabal strangulating the oil sector will not go away even in the presence of DRL. They still seek to control proceedings. This country is one cesspool of shady business and corruption intertwined.

8 Likes 2 Shares

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by EyeCumInPiece: 4:42pm On Sep 07
Nigerians don join NYSC - Now Your Suffering continues. grin

6 Likes 1 Share

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by nedekid: 4:42pm On Sep 07
It is not NNPC, neither dangote.
Maybe it is helinues or manna bbq fixing it. angry
Foto, no be juju be dat?

2 Likes

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by GboyegaD(m): 4:42pm On Sep 07
Can they tell the country the basis of crude oil trade with Dangote? I have no crime with the prices but I have big issues with the shadyness of the process.

4 Likes 1 Share

Re: We are not sole offtaker, no guarantee of lower prices - NNPCL replies MURIC by emy9(m): 4:43pm On Sep 07
DeLaRue:


I don't think so.

I think what is happening is that NNPC wants Dangote to announce its price by itself.

NNPC will buy at that price and sell to the public.

And if other buyers can also buy directly from Dangote, as the NNPC has now said, then no one can blame NNPC for pricing.

Mr Dangote will not like this as whatever price he announces will not please the public.


NNPCL being the sole purchaser of any petrol refined from Dangote's refinery should state the price they will sell the product to Nigerians. Dangote did not ask them to be the sole buyer, it's the FG through the NNPCL that said so. Don't put this on Dangote.

7 Likes 1 Share

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