- Says Naira transactions with Dangote refinery to effect in October
The Nigerian National Petroleum Company Limited has started lifting refined Petroluem products from the Dangote Refinery, however controversy remains on the amount the NNPCL is purchasing PMS as well as how much it will sell to Nigerians.
According to a statement by the NNPCL spokesperson, Olufemi Soneye, he disclosed on Monday that NNPCL will sell at N950 in Lagos state. The statement titled NNPC Ltd releases estimated pump prices of PMS from Dangote Refinery Based on September 2024 Pricing’ said:
It said, “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.
“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 National oil company then shared an infographic, showing that the lowest price for the product would be nothing less than ₦950 in Lagos and its environs.
He also explained that the price may go for as high as ₦1,019/litre in places like Borno State, and ₦999.22 in Abuja, Sokoto, Kano, and others. While in Oyo, Rivers and other areas in the South, it will be ₦960 per litre.
However, Dangote Group had disagreed with the NNPCL on Sunday that it was selling PMS at ₦898, but it failed to release its price list.
NNPCL’s spokesman Femi Soneye had on sunday, told Channels Television that 16.8 million litres of petrol have been lifted from the refinery at N898 per litre.
However, the Dangote Refinery released a statement on Sunday denying selling petrol to the NNPCL at N898 per litre.
A spokesman for the refinery Anthony Chiejina in a statement late Sunday described the claim by the NNPCL as “misleading and mischievous”.
He said, “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL.
“This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years.
“We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.
“It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature.”
The back and forth between both entities has left Nigerians in a state of distrust and scepticism as to the alleviation which the purchase from Dangote Refinery was promised. The fuel price has increased instead of been alleviated.
