The price of Premium Motor Spirit (PMS), commonly known as petrol, produced by the Dangote Petroleum Refinery and announced by the Nigerian National Petroleum Company Limited (NNPC) on Monday could potentially justify continued importation of the product, according to oil marketers.

Marketers also revealed that imported petrol shipments were expected to start arriving in Nigeria on Tuesday. They called for greater transparency in the pricing of PMS produced by the Dangote refinery.

Meanwhile, the organized private sector criticized the NNPC's role as the sole off-taker of petrol from the $20 billion Lekki-based refinery, advocating for more competition in the market. They argued that NNPC's exclusive position could hinder competition.

On Monday, NNPC announced that petrol from the Dangote refinery would sell for over N1,000 per litre in some northern states. According to NNPC spokesperson Olufemi Soneye, prices could reach N1,019/litre in Borno State and N999.22/litre in Abuja, Sokoto, Kano, and similar areas. In southern regions like Oyo and Rivers, prices are expected to be around N960/litre, while the lowest price of N950/litre will be in Lagos and surrounding areas.

Soneye clarified that PMS prices, as per the Petroleum Industry Act, are not government-controlled but negotiated between parties. The NNPC also confirmed that the petrol loaded on Sunday was paid for in U.S. dollars, with naira payments set to begin on October 1, 2024. The company added that any discounts from the Dangote refinery would be fully passed on to consumers.

The NNPC's statement also highlighted the estimated pump prices of PMS from the Dangote refinery for September 2024 across its retail stations nationwide. It was noted that Dangote Group had disagreed with NNPC's previously announced PMS price of N898/litre.