The Nigerian National Petroleum Company Limited (NNPCL) has released the estimated pump prices of Premium Motor Spirit (PMS), also known as petrol, obtained from the Dangote Refinery, for its retail stations across the country.
According to the statement signed on September 16th, 2024, by Chief Corporate Communications Officer, Olufemi Soneye, NNPCL clarified that PMS prices are not set by the government but are negotiated directly between parties on an arm’s length basis, in line with the Petroleum Industry Act (PIA).
NNPCL confirmed that it is paying Dangote Refinery in USD for the September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.
The company assured that if the quoted pricing is disputed, it will welcome any discount from the Dangote Refinery, which will be passed on 100% to the general public.
The estimated pump prices of PMS from the Dangote Refinery, based on September 2024 pricing, are attached to the statement and available for public reference.
NNPCL’s transparency in releasing the estimated pump prices demonstrates its commitment to keeping the public informed and ensuring fair pricing in the petroleum market.
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