NNPCL Confirms Paying Dangote Refinery In USD For September PMS Offtake, Naira Transactions To Start In October

*Releases Estimated Petrol Pump Prices from Dangote Refinery, Vary Across States

Premium Motor Spirit (PMS) pump price from Dangote Refinery are based on the prevailing exchange rate and price of crude oil.

Nigerian National Petroleum Company Limited (NNPCL), Chief Corporate Communications Officer, Mr. Olufemi Soneye, disclosed this in a statement on Monday.

He said the decision is in line with the Petroleum Industry Act (PIA).

The statement reads: “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.”

NNPCL confirmed that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October , 2024.

The National Oil Company added: “We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100% to the general public.”

According to the statement, NNPCL released the estimated petrol pump price from the refinery based on September 2024 supply.

Meanwhile, the Nigerian National Petroleum Company (NNPC) Limited has announced the prices it will sell the petrol lifted from the Dangote Refinery in some States across the nation.

It said it will sell at a price above N1,000 per litre in the far north.

The NNPC spokesperson, Olufemi Soneye, disclosed this on Monday, in a statement titled: ‘NNPC Ltd releases estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’.

Soneye, in the statement on Monday explained that the price may go for as high as N1,019/litre in places like Borno State and N999.22 in Abuja, Sokoto, Kano, and others.

Here is the list:
1. Lagos – N950.22

2. Oyo – N960.22

3. Imo – N980.22

4. River – N980.22

5. Borno – N1,019

6. Abuja – N999.22.

7. Sokoto – N999.22.

8. Kano – N999.22.