NNPCL Announces September 2024 Petrol Prices at Dangote Refinery

The Nigerian National Petroleum Company Limited (NNPCL) has released a summary of the expected pump prices for Premium Motor Spirit (PMS) across the country, based on September 2024 pricing from the Dangote Refinery.

In a statement on Monday, NNPCL spokesperson Olufemi Soneye disclosed that the corporation is paying Dangote Refinery in US dollars for PMS offtake this month.

According to the statement, NNPCL purchased the gasoline at N898.78 per litre from the Dangote Refinery. After factoring in transportation costs, the expected retail price of petrol in Lagos is set at N950.22 per litre.

In other locations, such as the Federal Capital Territory (Abuja), Sokoto, and Kano, the anticipated pump price is N999.22 per litre. In Oyo State, the price is estimated at N960.22 per litre, while Rivers, Bayelsa, Akwa Ibom, and Imo states could see petrol prices at N980 per litre.

The highest pump price is expected in Borno State, where petrol may be sold at N1,019.22 per litre.

“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 the Government, but negotiated directly between parties at an arm’s length,” the statement read.

It also clarified that Naira transactions for PMS from the Dangote Refinery would commence on October 1, 2024. For now, all payments are made in USD.

“NNPC Ltd assures that if the quoted pricing is disputed, it will appreciate any discount from the Dangote Refinery, which will be passed on 100 percent to the general public,” the statement continued.

Anthony Chiejina, spokesperson for the Dangote Group, has since criticised NNPCL’s claim that it purchased gasoline at N898 per litre, despite the refinery just beginning production.

This development follows the removal of petrol by NNPCL from the Dangote Refinery on Sunday.