… N960.22 in Oyo , N992.22 in Abuja, Kaduna, N1,019.22 in Borno
… guarantees 100% price discount at retail end, if Dangote Refinery agrees to offer discounts
… as Dangote urges Nigerians to await official pricing announcement from Tinubu-appointed technical sub-committee starting October 1
Oredola Adeola
The Nigerian National Petroleum Company Limited (NNPCL) revealed that it acquired Premium Motor Spirit (petrol) from Dangote Refinery at N898 per liter on September 15, 2024, and projects the estimated pump price at its retail stations nationwide to be N950.22 per liter.
Meanwhile, Dangote Refinery has urged Nigerians to disregard the statement and await an official pricing announcement from the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by President Bola Tinubu, set to begin on October 1, 2024.
Olufemi Soneye, Chief Corporate Communications Officer NNPC Ltd. Abuja, on Sunday in an earlier statement seen by Advisors stated that Dangote Refinery petrol was sold to the NNPC at N898 per liter for the initial loading.
In another statement obtained by Advisors Reports, the NNPC spokesman reiterated his stance on the pricing of petrol that it purchased from Dangote Refinery, promising that any discount offered by the refinery in response to pricing disputes will be fully passed on to the public.
According to the NNPC Ltd, petrol prices are not set by the government but negotiated on an arm’s length basis, as stipulated by Section 206 (1) of the Petroleum Industry Act (PIA).
He said, “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.
Soneye emphasised that the estimated pump prices of petrol (obtained from the Dangote Refinery) across NNPC Retail stations in the country, based on September 2024 pricing.
The NNPCL spokesperson disclosed that in Lagos, the estimated pump price stands at N950.22 per liter, comprising N898.78 for Dangote Refinery’s petrol gantry pricing, an NMDPRA levy of N4.49,Midstream and Gas infrastrucuture Fund(MDGIF) at N4.49, and Distribution &Logistics Cost N42.45.
However, Dangote Group, through its Group Chief Branding and Communications Officer, Anthony Chiejina, has refuted claims that the refinery sold PMS to NNPC at N898 per liter.
Anthony Chiejina, Group Chief Branding, and Communications Officer in a statement in reaction to the NNPCL, has been drawn to a statement attributed to NNPCL spokesperson, Mr. Soneye, that we sell our PMS at N898 per litre to the NNPCL.
The Dangote’s spokesperson revealed that that statement is both misleading and mischievous, deliberately aimed at undermining what he described as the milestone achievement recorded on September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years.
He said, “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 President Tinubu, 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,” he said.
Dangote Group assured Nigerians that the availability of petroleum products will improve nationwide, ending the country’s persistent fuel scarcity.
Earlier reports from Advisors indicate that NNPCL raised a Letter of Credit (LC) for $100 million to facilitate payment to Dangote Refinery for petrol, as the crude used for the September batch was paid for in US Dollars.
It was also revealed that 16.3 million liters, instead of the expected 25 million liters, of petrol from Dangote Refinery were released under the naira-for-crude sales arrangement.
In a recent document addressed to NNPC, Rabiu Umar, Group Chief Commercial Officer of Dangote Refinery, confirmed that 12,200 metric tonnes of petrol—approximately 16.27 million liters—would be delivered to NNPC.
He confirmed that the release from Tank No. 3201D at Dangote Petroleum Refinery and Petrochemicals in the Lekki Free Trade Zone, Ibeju Lekki, is to be transported via road trucks to NNPC Trading Limited.
