By Godfrey AKON
The Nigerian National Petroleum Company Limited, 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 company said the pump price at its retail stations in September would be N992.22 per liter in Abuja, while the product will be sold at N950.22 in Lagos, N960.22 in Oyo State and N999.22 in Kaduna, Kano and Sokoto states respectively.
The price estimate, released by the Chief Corporate Communications Officer of NNPCL Ltd, Mr Olufemi Soneye, in Abuja in the early hours of Monday, said the product will be sold at N980.22 in Rivers and Imo while the product will be sold at N1,019.22 in Borno State.
According to the company, it purchased the product at a gantry price of N898.78 per litre from the Dangote refinery in Lagos, stating that in line with the provisions of the Petroleum Industry Act, PIA, PMS prices are not set by government, but negotiated directly between parties on an arms length.
“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.
“The NNPC Ltd assures 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 general public,” the statement said.
