The Nigerian National Petroleum Company Limited, NNPCL, has released estimated pump prices of Premium Motor Spirit, PMS also known as petrol, obtained from the Dangote Refinery, across its retail stations nationwide.
In a statement issued on Monday by NNPCL Chief Corporate Communications Officer, Olufemi Soneye, the company clarified that PMS prices are not set by the government but negotiated directly between parties on an arm’s length basis, in line with the Petroleum Industry Act, PIA.
NNPC Limited has confirmed that it is paying Dangote Refinery in United States Dollars for September 2024 PMS offtake, with Naira transactions set to commence on October 1, 2024. It assured that any discount from Dangote Refinery will be passed on 100% to the general public.
This development comes as the country prepares for the commencement of Naira-based crude sales to local refineries, aimed at addressing energy insufficiency and insecurity.
Industry experts say the release of estimated pump prices is a step towards transparency in the oil and gas sector.
