PRESS RELEASE
NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery
Abuja, Nigeria – September 16, 2024
The Nigerian National Petroleum Company Limited (NNPC Ltd) is pleased to announce the release of estimated pump prices of Premium Motor Spirit (PMS), also known as petrol, obtained from the Dangote Refinery, effective September 2024.
In line with the provisions of the Petroleum Industry Act (PIA), the NNPC Ltd wishes to emphasize that PMS prices are determined through arms-length negotiations between parties and not set by the government. This approach ensures a fair and competitive market pricing mechanism.
The NNPC Ltd confirms that it is currently paying Dangote Refinery in USD for September 2024 PMS offtake. This is due to the prevailing foreign exchange rates and the need to ensure a stable supply of petroleum products. Naira transactions will commence on October 1st, 2024, in accordance with the Central Bank of Nigeria’s guidelines.
The NNPC Ltd assures the public that any discounts offered by the Dangote Refinery will be passed on 100% to consumers. This commitment underscores the company’s dedication to transparency and customer satisfaction.
Estimated Pump Prices of PMS (Dangote Refinery)
The estimated pump prices of PMS from the Dangote Refinery are attached to this statement. These prices are based on the prevailing market conditions and the negotiated prices between the NNPC Ltd and the Dangote Refinery.
Key Highlights:
- The estimated pump prices are subject to change based on market dynamics and foreign exchange rates.
- The NNPC Ltd is committed to ensuring a stable supply of petroleum products across the country.
- The company will continue to engage with stakeholders to ensure a fair and competitive market pricing mechanism.
Conclusion:
The NNPC Ltd is dedicated to transparency and customer satisfaction. The release of estimated pump prices of PMS from the Dangote Refinery demonstrates our commitment to keeping the public informed. We will continue to work tirelessly to ensure a stable supply of petroleum products across the country.
Contact:
Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd
Abuja
Date: September 16, 2024
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