Tag: NNPC

The Nigerian National Petroleum Commission (NNPC) and Dangote Refinery are at loggerheads over the price of Premium Motor Spirit otherwise known as petrol.  Both parties have issued conflicting press statements on the matter in the recent time.  The NNPC Ltd, in a statement by signed its Chief Corporate Communications Officer, Olufemi Soneye on Monday, the Company 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 wished 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 confirmed 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 assured 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.  Dangote Refinery however denied selling the product to the Nigerian National Petroleum Corporation (NNPC) at N898.  The Group refuted the claims in a statement on Sunday.  The statement read; “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. “We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country.”