The Nigerian National Petroleum Company Limited, NNPCL, has explained the controversial N898 per litre of Premium Motor Spirit (Fuel) it purchased from Dangote Refinery Sunday September 15, saying it paid Dangote in USD and the forex transaction will run for the whole of September.
The NNPCL in a statement released this morning, Monday September 16, noted that Naira transactions with Dangote Refinery, will commence on October 1, adding: “The estimated prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery, which recognise the current international gasoline prices and the prevailing foreign exchange rate in line with the provisions of the Petroleum Industry Act (PIA) 2021.”
The statement authored by the Chief Corporate Communications Officer of NNPC Ltd, Olufemi Soneye, asserted: “The NNPC Ltd. 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.
“We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100% to the general public.”
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