Dangote petrol price based on forex, crude oil –NNPCL

The price of crude oil and the current exchange rate determine how much the Dangote Refinery charges for Premium Motor Spirit (PMS) pumps.

This was revealed in a statement released on Monday by Mr. Olufemi Soneye, Chief Corporate Communications Officer of Nigerian National Petroleum Company Limited (NNPCL).

According to him, the ruling complies with the Petroleum Industry Act (PIA).
According to the statement, "NNPC and Dangote Refinery negotiated terms that recognise the current international petrol prices and the prevailing foreign exchange rate in line with the provisions of the PIA." This is how the estimated prices are determined.
NNPCL stated that, as Naira transactions won't start until October 2024, it is paying Dangote Refinery in USD for the September 2024 PMS offtake.
"We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100% to the general public," the National Oil Company continued.
The statement claims that NNPCL disclosed the refinery's expected petrol pump price, which is predicated on supply through September 2024.