In a significant update, the Nigerian National Petroleum Company Limited (NNPCL) has confirmed that it is purchasing Premium Motor Spirit (PMS) from the Dangote Refinery at a rate of N898 per liter. This confirmation came in a statement released by NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, who also addressed concerns about the pricing structure.
The statement clarified that the NNPCL is currently paying for the September 2024 PMS offtake in U.S. dollars, with transactions in Naira set to commence from October 1, 2024. The company emphasized that under the Petroleum Industry Act (PIA), PMS prices are not determined by the government but are negotiated on an arm’s length basis between the parties involved.
NNPCL expressed willingness to pass on any potential discounts received from Dangote Refinery directly to the general public, underscoring its commitment to ensuring transparency and affordability for Nigerian consumers.
Soneye’s statement also included the estimated pump prices of PMS obtained from the Dangote Refinery at NNPC retail stations across the country, based on September 2024 pricing.
This announcement marks a crucial moment in Nigeria’s energy sector as both entities move towards Naira-based crude and product transactions, aimed at improving domestic fuel supply and stabilizing the local market.
