The Nigerian National Petroleum Company Ltd (NNPCL) has confirmed that it will begin payment of premium motor spirit from Dangote Petroleum Refinery in naira from October 1, 2024.
The state-owned company announced this as part efforts to ensure transparency in its dealings with the Dangote Refinery, having previously published prices of PMS across its retail stations in the country.
The prices of PMS supplied by Dangote range from N898 to N1,019 per litre based on the estimated pump prices from the September 2024 supply.
The Chief Corporate Communications Officer of the state-owned firm, Olufemi Soneye, in a statement released on Monday and obtained by NewsNGR, said that the products were purchased from Dangote in accordance with the Petroleum Industry Act and international standards.
NNPC explained, “The NNPC Ltd. has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country.
“The estimated prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery which recognise the current international gasoline prices and the prevailing foreign exchange rate in line with the provisions of the Petroleum Industry Act (PIA) 2021.”
The firm disclosed that it would begin to purchase crude from Dangote in naira from October 1, in line with the agreement which allows the NNPCL to sell crude to Dangote in naira while the refinery will reciprocate by selling to the domestic market in naira.
NNPC added, “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.
“We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100% to the general public.”