NNPC Announces Estimated PMS Price for Dangote’s Refinery
The Nigerian National Petroleum Company (NNPC) has released a statement outlining the estimated prices of Premium Motor Spirit (PMS), also known as petrol, from the Dangote refinery. The prices are for NNPC’s retail stations across the country, including Lagos and other states.
According to the statement signed by Olufemi Soneye, Chief Corporate Communications Officer, NNPC is purchasing petrol in dollars from the Dangote refinery for September, with sales in naira set to commence in October.
The estimated prices for PMS in Lagos are approximately N950.22 per litre, derived from the following calculations:
– Platts 10ppm price: $690/MT
– Premium: $46
– Total: $736/MT
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NNPC notes that PMS prices are not set by the government but are instead negotiated directly between parties on an arm’s length basis, in line with Section 206 (1) of the Petroleum Industry Act (PIA).
For the September 2024 PMS offtake, NNPC will pay Dangote Refinery in US dollars, with transactions in naira starting from October 1, 2024. If any disputes arise over pricing, NNPC welcomes potential discounts from Dangote Refinery, which will be passed on to the public to ensure transparency and fairness.
Estimated petrol prices for other states are as follows:
– Sokoto State: N999.22
– Kano State: N999.22
– Kaduna State: N999.22
– FCT: N992.22
– Borno State: N1,019.22
– Oyo State: N960.22
– Imo State: N980.22
– Rivers State: N980.22
– Lagos State: N950.22
This clarification from NNPC confirms an earlier statement from Dangote refinery that it sold petrol to NNPC in dollars, with sales in naira starting in October. Dangote refinery had earlier denied selling petrol to NNPC at N898 per litre, stating it was still negotiating prices with the federal government.
