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BREAKING:The NNPCL has confirmed that they buy petrol from the Dangote Refinery at a rate of N898 per litter, says “it will be grateful for any discount from the Dangote Refinery.”

In statement released by Olufemi Soneye
Chief Corporate Communications Officer.

The statement reads: “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.

“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.

“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.

“Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing.”

The Federal Government says it will take action to close down filling stations that are charging N1,000 per litre for petrol.

As Nigerians express their worries regarding the rising prices set by independent petrol vendors, the Federal Government has pledged to close down any filling stations found charging excessively for PMS.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority expressed this concern, emphasizing that it is not beneficial for Nigerians if marketers engage in price gouging during the sale of PMS.

Independent oil marketers have reported that they have been purchasing petrol from private depot owners at rates as high as N850 per litre since last week. They attribute the rising pump prices to this increase in their acquisition costs.

The NMDPRA spokesperson, George Ene-Ita, highlighted that the petrol price information received from their officials at the depots does not align with the reports being circulated.

He said, “Our depot people see a different price because we ask them to publish the prices at the depots every day and it is not N850/litre. Our field agents at the depots give us a different figure.

“If we get these outlets, all we do is to try and shut them down, because NNPC is the company that brings in the product and they tell us how much they sell as their ex-depot prices to off-takers. And we sit down together and work out the margins and there is no way it should be that high.

“Once we get these outlets, we are going to shut them down. NNPC tells us how much they sell and there is no way the pump prices should be that high. We don’t expect it to be higher than N650/litre.”

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