The Nigerian National Petroleum Company Limited (NNPC Ltd) has confirmed that it will pay for Premium Motor Spirit (PMS) sourced from the Dangote Refinery in September 2024 using U.S. dollars. This decision aligns with the ongoing shift to naira-based transactions set to begin on October 1, 2024, in line with the Petroleum Industry Act (PIA).
In a statement released on Monday by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, it was clarified that PMS prices are no longer determined by the government but are negotiated directly between the involved parties under a fully commercialized framework.
The statement reads:
“NNPC Ltd has released estimated prices for Premium Motor Spirit (PMS), also known as Petrol, obtained from Dangote Refinery at its retail stations nationwide. Prices are not set by the government but are negotiated on an arm’s-length basis as stipulated by the Petroleum Industry Act (PIA).”
The NNPC confirmed that payments for the September 2024 PMS offtake would be made in USD, with a transition to naira payments scheduled for October 1, 2024. Soneye assured that any discounts provided by Dangote Refinery would be passed on directly to consumers.
The estimated pump prices for September 2024 PMS from Dangote Refinery are as follows:
- Sokoto State: N999.22 per litre
- Borno State: N1,019.22 per litre
- Kaduna, Kano, FCT: N999.22 per litre
- Lagos: N950.22 per litre
- Oyo: N960.22 per litre
Soneye reiterated that the prices reflect commercial negotiations in line with PIA Section 206(1), and any disputes over pricing would be welcomed for potential discount benefits to the public.
NNPC has assured that it remains committed to providing transparency and passing any pricing benefits to Nigerian consumers.
