The NNPC Ltd has announced the estimated prices of Premium Motor Spirit (PMS), also known as petrol, sourced from the Dangote Refinery, for its retail stations across Nigeria.
According to reports, NNPC Ltd secured petrol from the Dangote Refinery at N898 per litre and set the September 2024 pump price in Lagos at N950.22 per litre. In Oyo, the price is set at N960.22 per litre, while Abuja and Kaduna will see prices at N992.22 per litre, and Borno at N1,019.22 per litre.
In a statement on Monday, Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd, explained that the estimated prices are the result of negotiated terms between NNPC and Dangote Refinery. These terms take into account current international gasoline prices and the prevailing foreign exchange rate, in accordance with the Petroleum Industry Act (PIA).
The statement reads in part:
“The estimated prices are based on negotiated terms between NNPC and Dangote Refinery, which recognise the current international gasoline prices and the prevailing foreign exchange rate in line with the provisions of the PIA.
“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 1, 2024.
“We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100 per cent to the general public.”
