By THE Nigerian National Petroleum Company Limited (NNPCL) says the Premium Motor Spirit (PMS), otherwise known as petrol, obtained from the Dangote Refinery will be sold at N950.22 in its retail stations across Lagos.
The product will, however, sell at N1,019 per litre in Borno and some of the states in the far north-eastern Nigeria.
Meanwhile the product imported by the company was sold at N890 per litre at the same outlets between September 1 and 15, 2024.
Chief Corporate Communications Officer, NNPCL, Olufemi Shoneye, on Monday, said the company was paying Dangote Refinery in dollars for the products obtained in September 2024.
According to him in a statement, Naira transactions would only commence on October 1st, 2024.
The spokesperson of Dangote Refinery, Anthony Chiejina had earlier said that the refinery was selling in dollars for September because the crude was bought in foreign currency, while expecting Naira transactions to take effect from next month.
Chiejina also said the company was waiting for a formal announcement on the pricing by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by President Bola Tinubu.
However, NNPC also stated that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices were not set by the government, but negotiated directly between parties on an arm’s length.
“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.
“Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations the country, based on September 2024 pricing,” said Shoneye.
The attached estimated pump price, however, declared that the products would be sold at filling stations in Lagos for N950.22.
The price list stated that the product was bought from Dangote Refinery at N898.78.
Stonix News reports that other costs factored in the pricing included: NMDPRA fee – 8.99; inspection fee – 0.97; distribution cost Lagos –N15; and margin is N26.48.
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