. We sold to NNPC in dollars because the current crude was bought in dollars- Dangote Refinery
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.
NNPCL in a statement by its Chief Corporate Communications Officer, Olufemi Soneye, said it 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.
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“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 in the country, based on September 2024 pricing”
However, Dangote Refinery described the news that it sold petrol at N898 per litre to the Nigerian National Petroleum Company Limited (NNPC), “misleading and mischievous”.
The company, in a statement by its Group Chief Branding and Communications Officer, Anthony Chiejina, said the company sold to NNPC in dollars because the current crude was bought in dollars.
Chiejine said “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPC.
“This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years.
“We urge Nigerians to disregard this malicious statement and await 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, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.
“It should also be noted that we sold the products to NNPC in dollars with a lot of savings against what they are currently importing.
“With this action, there will be petrol in every local government area of the country regardless of their remote nature.
“We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country,”
