The Nigerian National Petroleum Company (NNPC) Limited has disclosed that it bought premium motor spirit (PMS), also known as petrol, from the Dangote Petroleum Refinery in dollars.
NNPC, through a social media post on Monday, also made it known that naira transactions would begin 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.
The company also released the estimated pump price of petrol based on prices set by the Dangote refinery.
The minister of finance, Wale Edun, had on September 14 stated that from October 1, the refinery would supply petrol 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 started lifting petrol at the refinery’s gantry following an elongated period of price negotiations.
The development happened after deployment of hundreds of NNPC’s trucks to the refinery on September 14.
When the loading concluded on Sunday, the NNPC had stated that it purchased PMS from Dangote refinery at N898 per litre.
But the Dangote refinery refuted the claim, describing it as “both misleading and mischievous”.
The refinery also disclosed that it sold the product to NNPC in dollars “with a lot of savings against what they are currently importing”.