The Nigerian National Petroleum Corporation has announced that it will sell petrol produced at the Dangote refinery in Lagos at a price of no less than 950 per litre.
NNPCL spokesperson, Olufemi Soneye, disclosed this on Monday in a statement titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’.
“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.
“NNPC Ltd would also like to point out that as per the 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.
“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 1st, 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% to the general public.”
The company later released an infographic showing that the minimum price of the product in Lagos and environs will not fall below $950.
It will be recalled that the Dangote Group on Sunday disagreed with the NNPCL, which sold PMS for $898 but did not publish a price list.
At this juncture, the loading of the first batch of petrol began at Dangote Refinery on Sunday.
NNPCL spokesperson Femi Sonye told Channels TV that 16.8 million litres of petrol have been removed from the refinery.
“We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N1,300 per litre or at N760 is incorrect.
“For this initial loading, the price from the refinery was N898 per litre. I can also confirm, in response to your inquiries, that we will receive 16.8 million litres.
“As of 4 pm Sunday, we have loaded about 70 trucks today and it’s still ongoing,” he said.
Last December, Dangote, one of Africa’s leading business leaders, began operations at the $20 billion, 350,000 barrels per day facility in Lagos.
The refinery, which faced regulatory difficulties initially, hopes to reach its full capacity of 650,000 barrels per day by the end of the year. The refinery has started supplying diesel, aviation fuel, and now gasoline to domestic wholesalers.
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