NNPC releases fuel pump price

NNPC releases fuel pump price across the nation.

Following the reply by Dangote group chief branding and communication officer on the alleged price the company is selling its fuel to NNPCL, the Nigerian National Petroleum Corporation Limited NNPCL has released a breakdown in the sale of PMS Nationwide.

According to the information released on Monday 16th September 2024 and signed by Olufemi Soneye, chief Corporate communications officer of NNPCL, NNPC has released a nationwide retail price for the PMS obtained from the Dangote.

The statement titled ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’ stated that the Nigerian National Petroleum Company Limited will sell the petrol lifted from the Dangote Refinery at a price above N1,000 per litre in the far north.

In places like Borno State, the price may go for as high as N1,019/litre and N999.22 in Abuja, Sokoto, Kano, and others.

In Rivers prices are seen to be at N980.In Oyo, and other areas in the South, it will be N960 per litre.

The lowest price, according to the information released is N950 in Lagos and its environs.

“The NNPC Ltd has released estimated prices of Premium Motor Spirit, also known as petrol (obtained from the Dangote Refinery) in its retail stations across the country.

Speaking on regulating the price of PMS, it said that the federal government does not determine the price but rather determined by both parties.

“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act, PMS prices are not set by the government, but negotiated directly between parties at an arm’s length,” he stated.

The company further explained that the product it bought on Sunday was paid for in dollars.

“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 1, 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 per cent to the general public,” the statement added.

Soneye stated that the estimated pump prices of PMS were obtained from the Dangote Refinery and will be across NNPC retail stations in the country, based on September 2024 pricing.

It would be recalled that the Dangote Group had disagreed with the NNPC on Sunday that it was selling PMS at N898, but it failed to release its price list.