The pump price of Premium Motor Spirit (PMS) from Dangote Refinery is determined by the current exchange rate and the price of crude oil.
Mr. Olufemi Soneye, Chief Corporate Communications Officer of the Nigerian National Petroleum Company Limited (NNPCL), stated this in a Monday announcement.
He added that this pricing approach aligns with the Petroleum Industry Act (PIA).
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The statement reads: “The estimated prices are based on negotiated terms between NNPC and Dangote Refinery which recognise the current international gasoline prices and the prevailing foreign exchange rate in line with the provisions of the PIA.”
NNPCL confirmed that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October , 2024.
The National Oil Company added: “We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100% to the general public.”
According to the statement, NNPCL released the estimated petrol pump price from the refinery based on September 2024 supply.
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