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The Nigerian National Petroleum Corporation Limited (NNPC Ltd) in the early hours of Monday morning, released the estimates of prices of Premium Motor Spirit (PMS), popularly known as petrol that it obtained from the Dangote Refinery in its retail stations across the country.
The NNPC Ltd in a statement by Mr Olufemi Soneye, Chief Communications Officer, explained that in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by the Government, but negotiated directly between parties on an arms length.
It further said that it is paying Dangote Refinery in USD for the September 2024 PMS offtake, adding that Naira transactions will only commence on October 1st, 2024.
The NNPC Ltd however, assured 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 public.
Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations of the country, based on September 2024 pricing