Dangote Fuel Sells For N950 At Filling Stations, NNPC Declares
By Sulaimon Salau
The Nigerian National Petroleum Company Limited (NNPC) has declared that the Premium Motor Spirit (PMS), otherwise known as petrol, obtained from the Dangote Refinery will be sold at N950.22 in its retail stations in Lagos.
Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, in a statement to Slye News Monday, said the company is paying Dangote Refinery in dollars for the products obtained in September 2024, as Naira transactions will only commence on October 1st, 2024.
Recall that the spokesperson of Dangote Refinery, Anthony Chiejina had earlier said the refinery is selling in dollars for September because the crude was bought in foreign currency, while expecting Naira transactions to take effect from next month.
Chiejina also said the company is waiting for a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by President Bola Ahmed Tinubu.
However, NNPC also stated that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by the government, but negotiated directly between parties on an arm’s length.
Shoneye said: “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.
“Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations the country, based on September 2024 pricing,”
The attached estimated pump price however declared that the products would be sold at filling stations in Lagos for N950.22.
It stated that the products was bought from Dangote refinery at N898.78. Other costs factored in the pricing are: NMDPRA fee – 8.99; inspection fee – 0.97; distribution cost Lagos – N15; and margin is N26.48.
