NNPC Set To introduce New Petrol Price, Can’t Sell Below ₦1350 – Official

NNPC Set To introduce New Petrol Price, Can’t Sell Below ₦1350 – OfficialThe Nigerian National Petroleum Company Limited (NNPC) is preparing to introduce a new pricing structure for petrol after lifting approximately 103 million litres from the Dangote Refinery between September 15 and 30, 2024. Sources revealed this information to PREMIUM TIMES.

During this period, the refinery successfully loaded 2,207 of the 3,621 trucks dispatched, delivering a total of 102,973,025 litres out of the planned 400 million litres of petrol. This was intended for lifting at a rate of 25 million litres per day, but the actual output amounted to only 26 percent of the expected volume, according to reviewed records.

The NNPC began lifting petrol from Dangote Refinery on September 15 as the sole off-taker of the product. On the same day, it announced the purchase price of petrol from the refinery was ₦898.78 per litre, while it sold to marketers at ₦765.99 per litre, resulting in a subsidy of nearly ₦133 per litre.

As shipments from Dangote Refinery continue to be delivered to fueling stations across Nigeria, the NNPC indicated that petrol prices would increase to reflect depot sale prices, statutory charges, transportation costs, and regional distribution complexities.

Despite this, petrol prices at NNPC stations have ranged from ₦855 to ₦897 over the last month, depending on the location. With NNPC running low on its imported petrol stock and shifting reliance to Dangote Refinery’s supply, insiders warn that an upward adjustment in pump prices is inevitable.

A pricing template released on September 16 had projected that petrol prices would rise to ₦950.22 per litre in Lagos, ₦980.22 in Rivers State, and ₦992.22 in Abuja. The same template estimated costs of ₦999.22 per litre in Nigeria’s North-West and ₦1,019 per litre in the North-East. Prices in the South-East were estimated at ₦980.22, while in the South-West, consumers would pay ₦960.22 per litre.

However, insiders suggest these estimates are now outdated due to fluctuations in foreign exchange and rising crude oil prices, exacerbated by the ongoing tensions in the Middle East.

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