The Nigerian National Petroleum Company Limited (NNPCL) has announced new nationwide pump prices for Premium Motor Spirit (petrol) following the commencement of supply from Dangote Refinery. This announcement has sparked significant discussion and some controversy.
According to NNPCL spokesperson Olufemi Soneye, the company is paying Dangote Refinery in United States Dollars for the September 2024 petrol offtake. Soneye stated, "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." He further disclosed that the petrol was purchased at N898.78 per liter from the refinery.
The breakdown of the estimated pump prices across various regions in Nigeria is as follows:
- In Lagos, the price will be N950.22 per liter.
- In Abuja, Sokoto, and Kano, the price is set at N999.22 per liter.
- Rivers, Bayelsa, Akwa Ibom, and Imo will see prices at N980 per liter.
- Oyo State will have a price of N960.22 per liter.
- The highest price will be in Borno State, at N1,019.22 per liter.
NNPCL emphasized that these prices are not government-mandated but result from direct negotiations between the parties involved. "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 the Government, but negotiated directly between parties at an arm’s length," Soneye explained.
However, this announcement has not been without contention. Anthony Chiejina, a spokesperson for the Dangote Group, disputed NNPCL's claim regarding the purchase price of N898 per liter. This disagreement highlights the complexities and potential misunderstandings in the pricing and supply chain dynamics between NNPCL and Dangote Refinery.
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