The Nigerian National Petroleum Company Limited has issued a revised statement, correcting an earlier release concerning the nationwide pricing of petrol. The initial statement, issued early Monday morning, detailed the pricing breakdown of Premium Motor Spirit (PMS) sourced from the Dangote Refinery.
While the estimated retail prices for petrol across the country remained unchanged, the analysis of the transaction with Dangote Refinery was adjusted.
According to NNPCL, the pricing breakdown is based on the negotiated terms between the company and the Dangote Refinery. These terms take into account prevailing international gasoline prices and current foreign exchange rates, in line with the Petroleum Industry Act (PIA) 2021.
In the statement, NNPCL clarified its payment structure, stating, “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.
“We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100% to the general public.”
However, the pricing components initially released contained discrepancies.
In the first statement, a Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee of ₦8.99 was listed, alongside an inspection fee of ₦0.97, a margin fee of ₦26.48, and a distribution fee of ₦15.
In the corrected version, the NMDPRA fee was reduced to ₦4.495, and both the inspection and margin fees were removed. Additionally, the distribution fee was increased to ₦42.45. An extra charge for the Midstream and Gas Infrastructure Fund (MDGIF) of ₦4.495 was also introduced in the revised breakdown.
The adjustment highlights NNPCL’s efforts to maintain transparency in its operations while ensuring that Nigerians benefit fully from any savings in its transactions with the Dangote Refinery.
