Starting from October 1, 2024, transactions will shift to naira as part of the Petroleum Industry Act (PIA).
In a statement on Monday, September 16, the NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, explained that PMS prices are no longer set by the government.
According to him, the prices are negotiated directly between the parties involved, in a fully commercialized process.
The statement read, “The 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 NNPC Ltd also wishes to state 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 arm’s 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.”
Soneye stated that NNPC has released estimated petrol prices for its retail stations across Nigeria for September 2024, based on supplies from the Dangote Refinery.
The statement includes the estimated pump prices for Premium Motor Spirit (PMS) from Dangote Refinery across NNPC retail stations for September 2024.
In Sokoto State, the price is set at N999.22 per liter. Katsina State is facing supply challenges, while the pricing for Kebbi and Zamfara States is unclear. Kano State also reports issues.
In Borno State, the price is set at N1,019.22 per liter. Meanwhile, the price in Sokoto, Kano, Kaduna, and the FCT is N999.22, while Lagos and Oyo are priced at N950.22 and N960.22, respectively.
Soneye reiterated that PMS prices are no longer determined by the government but are negotiated directly between the parties, following the guidelines of the Petroleum Industry Act (PIA), Section 206 (1).
NNPC is paying Dangote Refinery in U.S. dollars for the September offtake, with naira payments starting in October.
If the pricing is disputed, NNPC welcomes any potential discounts from Dangote, which would be fully passed on to the public.
KanyiDaily recalls that the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery yesterday disagreed over the price of petrol supplied by the refinery.
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