The Nigerian National Petroleum Company Limited (NNPCL) has announced projected prices for Premium Motor Spirit (PMS), widely known as petrol, which will be sourced from the Dangote Refinery starting September 2024. This announcement was made on Monday by Olufemi Soneye, the Chief Corporate Communications Officer.
According to the forecasts, the expected price for PMS will vary by region. In Lagos, the estimated price is projected to be approximately N950.22 per litre. Meanwhile, consumers in Borno State might see prices as high as N1,019.22 per litre. In other regions such as Sokoto, Kano, Kaduna, and the Federal Capital Territory (FCT), the price is anticipated to be around N999 per litre.
NNPCL clarified that, as stipulated by the Petroleum Industry Act (PIA), PMS prices are not subject to government regulation but are determined through direct negotiations between parties involved. This means that pricing may fluctuate based on location and market conditions.
Additionally, NNPCL will be making payments to Dangote Refinery in US dollars for the September 2024 petrol offtake, with transactions in Nigerian Naira scheduled to begin on October 1, 2024. The company assured the public that any discounts provided by Dangote Refinery due to pricing disputes would be passed on directly to consumers, ensuring transparency and fairness in pricing.
