The Nigerian National Petroleum Company (NNPC) Limited has stated that it bought premium motor spirit (PMS), generally known as petrol, from the Dangote Petroleum Refinery in dollars.
The NNPC announced in a social media post on Monday that naira transactions would begin on October 1.
The statement reads:
“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 also announced an expected pump price for petrol based on prices established by the Dangote refinery.
On September 14, Wale Edun, the minister of finance, stated that beginning October 1, the refinery would offer 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.”
After months of price talks, the NNPC began lifting petrol at the refinery’s gantry on September 15.
The development came after NNPC deployed a fleet of trucks to the refinery on September 14.
At the end of loading on Sunday, the NNPC stated that it purchased petrol from the Dangote refinery at N898 per litre.
The Dangote refinery, on the other hand, dismissed the claim as “both misleading and mischievous”.
Dangote Refinery also stated that it sold the commodity to NNPC in dollars “with a lot of savings against what they are currently importing”.