By Dipo Olowookere
The Nigerian National Petroleum Company (NNPC) Limited has announced the pump price of premium motor spirit (PMS), commonly known as petrol, in its retail stations across the country as it commenced the lifting of fuel from Dangote Refinery in Lagos on Sunday, September 15, 2024.
In a statement issued by its Chief Corporate Communications Officer, Mr Olufemi Soneye, the NNPC stated that in Lagos, the product would sell for N950 per litre, while in Borno, consumers will cough out N1,019 per litre to have the petrol.
The state-owned oil energy firm revealed that consumers in Sokoto, Kaduna and Kano States will pay N999 per litre for fuel, while residents of Abuja will purchase the product for N992 per litre, with residents of Oyo and its environs expected to pay N960 per litre and those in Rivers State to buy at N980 per litre.
The NNPC spokesman noted that the product was purchased from Dangote Refinery in United States Dollar, disclosing that the Naira transaction will commence on October 1, 2024.
“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 per cent to the general public,” parts of the statement said.
The company emphasised that PMS prices are not set by the government but negotiated directly between parties on an arm’s length basis as stipulated in Sector 206 (1) of the Petroleum Industry Act (PIA).