● Daberechi Uwajie
The Nigerian National Petroleum Company Limited (NNPCL) has unveiled the estimated pump prices of Premium Motor Spirit (PMS), commonly known as petrol, for September 2024. These prices apply to NNPC retail stations across the country and reflect supplies sourced from the Dangote Refinery, a crucial development in Nigeria’s petroleum sector.
In a statement shared on its X handle on September 16, 2024, NNPCL clarified that the pricing structure for PMS follows the stipulations of the Petroleum Industry Act (PIA), which empowers independent negotiation of prices. “PMS prices are no longer set by the government but negotiated directly between parties on an arms-length basis,” said Olufemi Soneye, Chief Corporate Communications Officer of NNPCL, signaling a significant shift from previous government-controlled pricing.
Soneye further confirmed that payment for the Dangote Refinery’s PMS offtake for September 2024 is being made in U.S. dollars. “We are currently transacting with Dangote Refinery in USD for the September supply, while Naira transactions will only commence on October 1st, 2024,” he stated. This revelation underscores the evolving nature of the local energy market, where foreign currency transactions remain pivotal for key suppliers.
Estimated pump price PMS based on Dangote Refinery for September, 2024
In addressing potential concerns about price fluctuations, Soneye assured the public that any reduction in prices offered by the Dangote Refinery would directly benefit consumers. “If the quoted pricing is disputed, we will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public,” he emphasized, reiterating NNPCL’s commitment to transparency and consumer protection.
The announcement also included a table of estimated pump prices for NNPC retail stations, marking the first time such detailed pricing information has been made public following the PIA’s implementation. The attached prices serve as a guide for consumers amid fluctuating international oil prices and the transition to local refinery operations.
According to Soneye, NNPCL’s move comes as Nigeria’s petroleum industry enters a new era of deregulation and private-sector-led pricing. The release also highlights the ongoing efforts to ensure that the benefits of locally refined petrol reach the average Nigerian consumer, with NNPCL closely monitoring the market.
The full price list and additional details are available on NNPCL’s official X handle. GMTNewsng.com
