The Nigerian National Petroleum Company Limited has released details of the N898 per liter of Premium Motor Spirit popularly called petrol from the Dangote refinery.

In a statement released on Monday by its Spokesperson, Olufemi Soneye, NNPCL said though it paid Dangote in dollars, the cost per liter amounted to N898.79.

According to the statement, the cost per liter of the fuel, Platts10ppm, was $0.52, amounting to N842.59 using the official exchange rate of N1,637.59; with Premium put at $0.03 amounting to N56.17, thus bringing the total Gantry Pricing to $0.55.

The NNPCL disclosed that the price of the product is strictly negotiated directly between parties, adding that if the price is disputed, it will appreciate the discount from Dangote refinery.

 

“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 statement read in part.

Meanwhile, the NNPCL has also disclosed that it will sell the petrol lifted from the Dangote Refinery at a price above N1,000 per litre in the far north.

Soneye explained that the price may go for as high as N1,019/litre in places like Borno, Adamawa, Gombe, Yobe, Taraba States, and N999.22 in Abuja, Kaduna, Niger, Sokoto, Kano, Kebbi, Zamfara, amongst others.

In Oyo, Ogun, Osun, Kwara, Rivers, Imo and other areas in the South, it will be between N960.22 and N980.22 per litre.

The lowest price, according to an infographic released by the NNPC, is N950 in Lagos and its environs.

“The NNPC Ltd has released estimated prices of Premium Motor Spirit, 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, PMS prices are not set by the government, but negotiated directly between parties at an arm’s length,” he stated.

Recall that the Dangote Group had disagreed with the NNPC on Sunday that it was selling PMS at N898, but it refused to state the actual cost it sold to NNPCL.