The company highlighted that, in accordance with the Petroleum Industry Act (PIA), PMS prices are negotiated directly between parties and are not established by the government.

The anticipated costs of Premium Motor Spirit (PMS), commonly referred to as petrol (obtained from the Dangote Refinery), at its retail outlets across the nation have been made public by the Nigerian National Petroleum Company (NNPC) Limited.

Olufemi Soneye, the Chief Corporate Communications Officer of the state-owned company, revealed this in a press release on Monday. It revealed the estimated pump prices of Premium Motor Spirit (PMS), which are based on September 2024 pricing and are obtained from Dangote Refinery at its retail stations nationwide.

The company highlighted that, in accordance with the Petroleum Industry Act (PIA), PMS prices are negotiated directly between parties and are not established by the government.

On Sunday, the NNPC stated that it will be purchasing fuel at a cost of N898 per litre from Dangote Refinery.

About 300 trucks were sent by NNPCL on Saturday to the refinery in Lagos, which has a capacity of 650,000 barrels per day. On Sunday, loading operations will begin.

Olufemi Soneye, a spokeswoman for the NNPCL, informed Daily Trust on Sunday that, in contrast to reports indicating N760, the business purchased the fuel for N898 per litre.

Dangote Group, however, called the NNPC’s claim that it paid N898 a litre for petrol “misleading and mischievous.”

In a statement released on Sunday night, Anthony Chiejina, Chief Branding and Communications Officer of the Dangote Group, criticised the NNPC’s assertion.

Based on the September 2024 PMS pricing for Dangote Refinery, the expected pump price for petrol is as follows:

While Katsina State is experiencing supply issues, the pricing in Sokoto State is set at N999.22. The cost per litre in Borno State is N1,019.22. The price is N999.22 in Sokoto, Kano, Kaduna, and the Federal Capital Territory (FCT); in Lagos, it is N950.22, and in Oyo, it is N960.22. In the states of Rivers and Imo, it will be offered for N980.22.

Soneye stressed that, in accordance with PIA Section 206 (1), PMS prices are directly negotiated between partners on an arm’s length basis rather than being established by the government.

Furthermore, for the September 2024 PMS offtake, NNPC is paying Dangote Refinery in USD; Naira transactions will start on October 1, 2024.