The Nigerian National Petroleum Company Ltd has unveiled estimated prices for Premium Motor Spirit, which will be available at its retail stations nationwide.
These prices are based on the fuel supplied from the Dangote Refinery.
This was disclosed in a statement signed by the Chief Corporate Communications Officer of NNPC, Olufemi Soneye via the company’s official X account.
In the statement, NNPC also confirmed it is making payments to Dangote Refinery in U.S. dollars for the offtake of PMS for September 2024, adding that the transactions in Nigerian naira are scheduled to commence on October 1, 2024.
The national oil company assured that should there be any disputes regarding the quoted pricing for PMS, it is open to negotiating discounts with Dangote Refinery.
It noted that concessions obtained will be fully passed on to the public.
“The NNPC Ltd has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country.
“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.
“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.
“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.
“Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing,” the statement read.
Recall, Dangote refinery in a previous report, denied claims that it sold Premium Motor Spirit at N898 per litre to the NNPC Ltd.
The refinery’s management described the statement, made by NNPCL spokesperson Mr. Olufemi Soneye, as “misleading and mischievous.”
This denial comes amidst ongoing scrutiny and discussions about fuel pricing and distribution in Nigeria’s energy sector.
The Group Chief Branding and Communications Officer for the refinery, Anthony Chiejina clarified that no such pricing has been established by the refinery.
He said “This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today towards addressing energy insufficiency and insecurity.”
He further explained that the Technical Sub-Committee on Naira-based crude sales, appointed by President Bola Ahmed Tinubu, would make an official announcement regarding pricing on October 1, 2024.
“We urge Nigerians to disregard this malicious statement and await a formal announcement by the Technical Sub-Committee on Naira-based crude sales to local refineries,” Chiejina noted.
However, a flyer published on NNPC’s official account indicates that petrol will now be sold at N950.22 per litre.
