NNPC Ltd has unveiled the estimated pump prices for Premium Motor Spirit (PMS), commonly known as petrol, sourced from the Dangote Refinery.
This announcement follows the September 2024 pricing arrangements and highlights the evolving dynamics of fuel pricing in the country.
With the implementation of the Petroleum Industry Act (PIA), the NNPC Ltd emphasizes that PMS prices are no longer dictated by the government.
Instead, they are the result of direct negotiations between involved parties, conducted at arm’s length.
This marks a notable shift towards a more market-driven pricing mechanism.
In an official statement, NNPC Ltd disclosed its current payment strategy, confirming that transactions with the Dangote Refinery are being conducted in USD for PMS offtake in September 2024. However, this arrangement is set to change, as Naira transactions will commence on October 1st, 2024.
Addressing potential pricing concerns, NNPC Ltd stated, “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.”
This commitment underscores the company’s intention to ensure transparency and fairness in its pricing policies.
The detailed price list, which outlines the estimated pump prices for PMS at various NNPC Retail Stations nationwide, accompanies this announcement. These figures are based on the current pricing arrangements for September 2024.
This release from Olufemi Soneye, Chief Corporate Communications Officer at NNPC Ltd, marks a strategic move to enhance public understanding of the pricing framework and to foster confidence in the evolving petroleum market dynamics.
