The NNPC Ltd has in its recent press release estimated the various prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country. In furtherance to the above, NNPC Ltd also stated that this is in line with the provisions of the Petroleum Industry Act as the PMS prices are not set by Government, but negotiated directly between parties on an arm’s length.

 ” 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 in the country, based on September 2024 pricing,” NNPC stated

The above NNPC Ltd. press statement was released after Dangote Refinery refuted the previous claims made by NNPC Group Communication Head Mr. Olufemi Soneye that Dangote petrol would be sold at N898 per litre to the NNPCL.

According to Dangote Refinery: “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL. This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years.

Dangote further stated the its September crude purchase transaction with NNPC was done in dollars and there is no way the sale of same particular refined product will be sold in naira as claimed by Mr. Olufemi Soneye. It further projects that the October crude purchase will be subsequently transacted in Naira.

“We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars. It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing.

“With this action, there will be petrol in every local government area of the country regardless of their remote nature. We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country,” Anthony Chiejina, Group Chief Branding and Communications said.