The Nigerian National Petroleum Company (NNPC) Limited has released the estimated prices of Premium Motor Spirit (PMS), also known as petrol (obtained from the Dangote Refinery) at its retail stations across the country.
This was disclosed in a press statement issued by the state-owned company’s Chief Corporate Communications Officer, Olufemi Soneye, on Monday, revealing the estimated pump prices of Premium Motor Spirit (PMS) obtained from Dangote Refinery at its retail stations nationwide, based on September 2024 pricing.
The company emphasised that PMS prices are negotiated directly between parties and not set by the government, in line with the Petroleum Industry Act (PIA).
The NNPC on Sunday announced its fuel purchase from Dangote Refinery at a rate of N898 per litre.
NNPCL dispatched about 300 trucks to the 650,000-barrels-per-day capacity refinery in Lagos on Saturday, with loading operations commencing on Sunday.
Spokesperson for the NNPCL, Olufemi Soneye, on Sunday told Daily Trust the company bought the fuel as N898 per litre contrary to reports claiming N760.
However, Dangote Group described the NNPC’s statement that it bought petrol at N898 per litre as “misleading and mischievous”.
Anthony Chiejina, Dangote Group Chief Branding and Communications Officer, in a statement on Sunday evening, knocked the claim made the NNPC.
The estimated pump price for petrol based on Dangote Refinery’s September 2024 PMS pricing is outlined as follows:
In Sokoto State, the price is set at N999.22, while Katsina State faces challenges with supply. In Borno State, the price is set at N1,019.22 per litre. In Sokoto, Kano, Kaduna, and the FCT, the price is set at N999.22, while it is N950.22 in Lagos and N960.22 in Oyo. It will be sold for N980.22 in Rivers and Imo states.
Soneye emphasized that PMS prices are not set by the government but negotiated directly between parties on an arm’s length basis, according to PIA Section 206 (1).
Additionally, NNPC is paying Dangote Refinery in USD for September 2024 PMS offtake, with Naira transactions commencing on October 1, 2024.