Abuja, 16th September 2024 — The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced the estimated pump prices for Premium Motor Spirit (PMS), commonly referred to as petrol, sourced from the Dangote Refinery.
These estimated prices are for distribution across NNPC’s retail stations nationwide, effective for September 2024.
This development comes as a result of negotiated terms between NNPC Ltd. and the Dangote Refinery, taking into account the prevailing international gasoline prices and the current foreign exchange rates.
The pricing framework is aligned with the provisions of the Petroleum Industry Act (PIA) 2021, which seeks to ensure transparency and market-driven processes within the petroleum sector.
According to Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd., the payment for PMS sourced from the Dangote Refinery in September 2024 is being made in US Dollars, reflecting the current business arrangement between the two entities.
This payment structure is temporary, as transactions in Naira will begin on October 1, 2024.
Soneye further assured Nigerians that any discounts or savings realized from the Dangote Refinery will be fully passed on to consumers.
“We are committed to ensuring that the benefits of this strategic partnership with the Dangote Refinery are directly transferred to the general public, and all discounts will be reflected in the pump prices,” he emphasized.
The pricing of PMS has remained a critical issue in Nigeria, with stakeholders closely monitoring changes that could affect the cost of fuel, a key component in the nation’s economy.
The introduction of refined products from the Dangote Refinery is expected to reduce dependence on imported petrol and help stabilize prices.
NNPC Ltd. has encouraged the public to stay informed and assured Nigerians that they will maintain transparency in all communications related to fuel supply and pricing. Further details on the specific pump prices for different regions will be released in due course.
The move to commence Naira transactions by October 2024 signals a significant shift towards local currency transactions for petroleum products, aimed at bolstering Nigeria’s economy and stabilizing the exchange rate dynamics.
NNPC Ltd. reiterated its commitment to ensuring a steady and uninterrupted supply of PMS to all parts of the country, leveraging its partnership with the Dangote Refinery to optimize the nation’s fuel needs.
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