…Payments in Dollars Until October
-Frank Udi
The Nigerian National Petroleum Corporation (NNPC) Ltd has released the projected pump prices for Premium Motor Spirit (PMS), commonly known as petrol, sourced from the Dangote Refinery.
These prices, effective for September 2024, will be applied at NNPC retail stations across the country.In a press release, NNPC Ltd highlighted that under the provisions of the Petroleum Industry Act (PIA), PMS prices are no longer fixed by the government. Instead, they are determined through commercial negotiations. “PMS prices are not set by the government but negotiated directly between parties on an arm’s length basis,” the statement clarified.
Furthermore, NNPC disclosed that for September 2024, payments to the Dangote Refinery are being made in U.S. dollars, but naira transactions will take effect starting October 1st, 2024. “We can confirm that payments to the Dangote Refinery for September 2024 PMS offtake are being made in USD. Naira transactions will commence from October 1st, 2024,” NNPC said.
Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, noted that any reductions or adjustments in the pricing from the Dangote Refinery would be fully transferred to the public. “If the quoted pricing is disputed, NNPC Ltd will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public,” Soneye assured.
According to the pricing breakdown, a litre of petrol in Lagos will now retail at ₦950.22, while in Abuja it is set at ₦992.22.
In Borno State, the price per litre will climb to ₦1,019.22. These rates reflect the pricing structure for September 2024.
