NNPC: We paid dollars for Dangote refinery’s petrol… naira purchase begins in October

The Nigerian National Petroleum Company (NNPC) Limited says it purchased premium motor spirit (PMS), also known as petrol, from the Dangote Petroleum Refinery in dollars.

In a social media post on Monday, the NNPC said naira transactions would commence on October 1.

“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 statement reads.

NNPC also released the estimated pump price of petrol based on prices set by the Dangote refinery.

On September 14, Wale Edun, the minister of finance, had said from October 1, the refinery would supply PMS and diesel to the domestic market in naira.

“From October 1, NNPC Ltd. will commence the supply of about 385,000 bpd of crude oil to the Dangote refinery, to be paid for in naira,” the minister had said.

“In return, the Dangote refinery will supply PMS and diesel of equivalent value to the domestic market, to be paid in naira.”

On September 15, the NNPC commenced petrol lifting at the refinery’s gantry after an extended period of price negotiations.

The development followed the deployment of a fleet of NNPC’s trucks to the refinery on September 14.

At the close of loading on Sunday, the NNPC had said it bought petrol from Dangote refinery at N898 per litre.

However, the Dangote refinery countered the claim, describing it as “both misleading and mischievous”.

The company also said it sold the product to NNPC in dollars “with a lot of savings against what they are currently importing”.