The Nigerian National Petroleum Company (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, insisting that it bought the product at N898 per litre.
Mr. Olufemi Soneye, Chief Communications Officer of the NNPC Ltd., made the clarification in a statement issued late on Sunday, September 15, 2024.
He also explained that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by the government but negotiated directly between parties on an arms length basis.
Mr. Soneye confirmed that NNPC Ltd. is paying Dangote Refinery in USD for the September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.
He assured that if the quoted pricing is disputed, company will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.
However, going by the estimated pump prices of PMS obtained from the Dangote Refinery across NNPC Retail Stations in the country, based on September 2024 pricing, and sighted by TheFact Daily, the Dangote refinery PMS gantry price is N898.78.
Consequently, the estimated retail price in Lagos is N950.22, Oyo State N960.22, Rivers N980.22, Imo N980.22, Sokoto State N999.22, Kano State N999.22, Kaduna State N999.22, Borno State N1, 019.22, and FCT N992.22 respectively.
Recall that the Dangote Group yesterday denied that it sold the petrol to NNPC Ltd. at the rate of N898/litre, describing its statement as misleading and mischievous.
Although refusing to disclose the actual amount, the Dangote refinery stated that it sold the products to NNPC Ltd. in dollars with a lot of savings against what they are currently importing.
