Politics
NNPCL Rolls Out New Petrol Prices After Dangote Refinery Commences Distribution
NNPCL Rolls Out New Petrol Prices After Dangote Refinery Commences Distribution....KINDLY READ THE FULL STORY HERE▶
The Nigerian National Petroleum Company Limited (NNPCL) has released a detailed breakdown of the estimated retail prices for Premium Motor Spirit (PMS), commonly known as petrol, supplied by Dangote Refinery across Nigeria. This pricing structure is based on the September 2024 rates.
In a statement issued on Monday, NNPCL’s spokesperson, Olufemi Soneye, disclosed that the company has been purchasing PMS from Dangote Refinery in U.S. dollars for the September allocation. The cost at the Dangote Refinery’s petrol gantry was recorded at N898.78 per liter.
As a result, the estimated retail price in Lagos, factoring in logistics, is set at N950.22 per liter. In other regions such as the Federal Capital Territory (Abuja), Sokoto, and Kano, petrol prices will be approximately N999.22 per liter.
In Rivers, Bayelsa, Akwa Ibom, and Imo, petrol is projected to cost around N980 per liter, while in Oyo State, the estimated price stands at N960.22 per liter. The highest pump price will be in Borno State, where it is expected to reach N1,019.22 per liter.
NNPCL emphasized that, under the Petroleum Industry Act (PIA), fuel prices are determined through direct negotiations between stakeholders and are not set by the government. Additionally, NNPCL confirmed it is currently paying in U.S. dollars, with Naira transactions expected to commence by October 1, 2024.
The company also assured the public that any potential price discount from Dangote Refinery would be passed on to consumers. The estimated pump prices provided in the statement represent the figures obtained from Dangote Refinery’s September pricing for NNPCL retail stations across the country.
However, the Dangote Group’s spokesperson, Anthony Chiejina, disputed NNPCL’s claims, denying that the refinery sold petrol to NNPCL at N898 per liter. This disagreement follows NNPCL’s lifting of the first petrol supply from Dangote Refinery on Sunday.
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