The Nigerian National Petroleum Company Limited (NNPCL) has released estimated prices for Premium Motor Spirit (PMS), commonly known as petrol, to be sourced from the Dangote Refinery in September 2024.
The pricing estimates, announced on Monday by Chief Corporate Communications Officer Olufemi Soneye, forecast what Nigerians can expect to pay at NNPCL retail stations across different regions.
According to the statement, the estimated price of PMS in Lagos is expected to be around N950.22 per litre, while consumers in Borno State may pay as much as N1,019.22 per litre. Other states, including Sokoto, Kano, Kaduna, and the Federal Capital Territory (FCT), are projected to see prices around N999 per litre.
NNPCL said that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not regulated by the government but result from direct negotiations between parties. This means that prices may vary depending on location and other market factors.
Notably, NNPCL will pay Dangote Refinery in US dollars for the September 2024 PMS offtake, with Naira-denominated transactions set to commence on 1 October 2024. The company reassured Nigerians that in the event of any pricing disputes, NNPCL would pass on any discounts from Dangote Refinery directly to the public.
The statement partly reads, “The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by 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.”