The Nigerian National Petroleum Company Limited (NNPCL) has released details on the estimated prices of Premium Motor Spirit (PMS), popularly known as petrol, from Dangote Refinery as the figures are based on the September 2024 pricing across various retail stations in the country.
According to a statement made on Monday by NNPCL’s spokesperson, Olufemi Soneye, the company confirmed it is paying Dangote Refinery in U.S. dollars for PMS supply in September as the breakdown reveals that petrol at the Dangote Refinery’s gantry was purchased at N898.78 per litre.
As a result, the estimated pump price in Lagos, factoring in logistics, will be N950.22 per litre, In the Federal Capital Territory, Sokoto, and Kano, the price is expected to hit N999.22 per litre, while in Rivers, Bayelsa, Akwa Ibom, and Imo states, the pump price is pegged at N980 per litre and Oyo State will see a price of N960.22 per litre, with the highest price of N1,019.22 per litre recorded in Borno State.
NNPCL emphasized that under the Petroleum Industry Act (PIA), PMS prices are not government-regulated but are determined through negotiations between the involved parties as the company also noted that while they are paying in USD for now, naira transactions for PMS will begin from October 1st, 2024.
Meanwhile, the Dangote Group’s spokesperson, Anthony Chiejina, has challenged NNPCL’s claim that it purchased petrol at N898 per litre and this statement comes after NNPCL began lifting petrol from the Dangote Refinery on Sunday.
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