The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced the estimated pump prices for Premium Motor Spirit (PMS), also known as petrol, sourced from the Dangote Refinery. These estimates apply to NNPC Retail Stations across Nigeria and are based on the pricing framework for September 2024.
In a statement signed by Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that, under the Petroleum Industry Act (PIA), the government does not directly set the prices of PMS. Instead, these prices are determined through negotiations conducted at arm’s length between relevant parties.
Additionally, NNPC Ltd confirmed that payments to Dangote Refinery for the September 2024 offtake are being made in U.S. dollars, with Naira-denominated transactions scheduled to begin on October 1, 2024. The company further assured the public that should there be any adjustments or discounts on the quoted pricing from the Dangote Refinery, these would be fully passed on to consumers.
The estimated pump prices for PMS at NNPC Retail Stations for September 2024 are attached to the official release from NNPC Ltd, headquartered in Abuja.
NNPC Ltd reiterates its commitment to transparency and the provision of competitive pricing in the downstream sector.
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