The Nigerian National Petroleum Company Limited, NNPCL, said its retail price of Premium Motor Spirit (PMS), also known as petrol, would be N950.22 per litre in Lagos.
Also, the product would cost N999.22 per litre, N960.22 per litre, N1, 019.22 per litre and N980.22 per litre in Sokoto, Oyo state, Borno state, and Bayelsa state, respectively.
Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, said: “The NNPC Ltd also wishes to state that, in line with the Petroleum Industry Act (PIA) provisions, PMS prices are not set by Government but negotiated directly between parties on an arm’s length.”
In a statement obtained by The Daily, http://www.thedaily-ng.com, he stated: “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.
“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 estimated rates put the Dangote Refinery gantry price at N898.78 per litre while the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA fee stood at N8.99 per litre.
Others – inspection fee, distribution cost (Lagos) and margin – stood at N0.97, N15.00 and N26.48 per litre, respectively.
The company added: “PMS prices are not set by Government, but negotiated directly between parties on an arm’s length basis – PIA Section 206 (1).
