–says naira- for- crude transaction begins October
Funso OLOJO
The Nigeria National Petroleum Corporation Limited (NNPCL) has revealed that it will sell the Dangote fuel lifted in September at N950.22 per litre at all its retail stations in Lagos.
It would be recalled that the NNPCL commenced loading of Dangote fuel on Sunday, September 15th, 2024 amidst intrigues and controversies
In a press statement signed by Olufemi Soneye, the Chief Corporate Communications Officer of the national oil company, NNPCL justified the pricing which it said was based on the Dollar rate at which the crude was sold to Dangote refinery which in turn sold the September fuel loading in dollars.
The national oil company however said the crude-for-naira transaction will commence in October.
“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arms length.

“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 Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.

“Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing.

Curiously, Dangote refinery had dismissed as malicious, unfounded,  mischievous and misleading the claim by NNPCL that it purchased fuel at N898 per litre from Dangote refinery when it commenced loading on September 15th, 2024.
Juxtaposed with the latest NNPCL claims, industry commentators expressed worries at the ding-dong affairs to which the business deals between the two parties have lately degenerated, thus raising concerns about the sincerity and truthfulness of the two strange business partners who share mutual suspicions.