The Nigerian National Petroleum Company Limited (NNPCL) has said that it will sell the petrol lifted from the Dangote Refinery for nothing less than 950 Naira per liter in Lagos.
Olufemi Soneye, the NNPCL spokesperson’s statement which was released on Monday 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 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.”
NNPCL had eventually shared an infographic, showing that the lowest price for the product would be sold at nothing less than 950 Naira in Lagos and its environs.
Soneye always explained that the price increase may cause the product to sell for as high as 1,019 naira/litre in places like Borno State, and 999.22 Naira in Abuja, Sokoto, and Kano.
In Oyo, Rivers and other areas in the South, it is expected to retail at 960 Naira per litre.
Prior to this development, the Dangote Group had disagreed with the NNPCL on Sunday, saying that it was selling PMS at 898, but it failed to release its official price list, even as the loading of the first batch of petrol on Sunday began at the Dangote Refinery.
