The Nigerian National Petroleum Company Limited (NNPCL) has disclosed projected prices for Premium Motor Spirit (PMS), widely referred to as petrol, to be sourced from the Dangote Refinery in September 2024.
According to the announcement made on Monday by Chief Corporate Communications Officer Olufemi Soneye, PulseNets reports that Nigerians can expect varying prices at NNPCL retail outlets across different regions. The statement highlighted that in Lagos, the estimated price of PMS will hover around N950.22 per litre, while consumers in Borno State may see a higher price, potentially reaching N1,019.22 per litre. Other regions such as Sokoto, Kano, Kaduna, and the Federal Capital Territory (FCT) are expected to have prices close to N999 per litre.
Speaking to PulseNets, NNPCL clarified that, in line with the Petroleum Industry Act (PIA), PMS prices are determined through negotiations rather than government regulation. This implies that fuel prices will differ based on location and market conditions.
NNPCL also told PulseNets that for the September 2024 offtake, it will be making payments to the Dangote Refinery in US dollars. However, Naira transactions are scheduled to commence from 1 October 2024. Reassuring the public, NNPCL mentioned that should any pricing disagreements arise, any discounts negotiated with the Dangote Refinery will be fully passed on to consumers.
The statement partially reads: “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 arm’s length.
Also Read: Petrol Price Hike: Reps ask FG, NNPCL to Reverse Unacceptable Pump Price
“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.”
