The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced the estimated pump prices of Premium Motor Spirit (PMS), commonly known as petrol, sourced from the Dangote Refinery for its retail stations nationwide.
In a statement by NNPC Ltd’s Chief Corporate Communications Officer, Olufemi Soneye, the company clarified that the pricing is a result of negotiations under the framework of the Petroleum Industry Act (PIA).
“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government but negotiated directly between parties on an arms-length basis,” Soneye explained.
The statement further noted that the NNPC Ltd is currently paying Dangote Refinery in US dollars for PMS supplies for September 2024, with Naira-denominated transactions expected to commence by October 1st, 2024.
“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024,” Soneye stated.
In addition, NNPC Ltd expressed its willingness to transfer any potential discounts from Dangote Refinery directly to the public. “If the quoted pricing is disputed, the NNPC Ltd will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public,” Soneye said.
The estimated pump prices, attached to the statement, will reflect across all NNPC Retail Stations across Nigeria for September 2024.