The Nigerian National Petroleum Company Limited (NNPCL) has announced the estimated retail prices of petrol from the Dangote refinery across various states in Nigeria.
In a statement signed by Chief Corporate Communications Officer Olufemi Soneye, the NNPCL disclosed that for the month of September 2024, it is purchasing petrol from the Dangote refinery in U.S. dollars. NNPC stated that sales in Naira will commence from October.
The company outlined that the base price for petrol is derived from a Platts 10ppm rate of $690 per metric ton, with an additional $46 premium, bringing the total cost to $736/MT.
According to the NNPCL, the estimated pump price in Lagos is N950.22 per litre, while other states like Sokoto, Kano, and Kaduna are priced at N999.22 per litre. The highest price is recorded in Borno State at N1,019.22 per litre.
“The NNPC Ltd has released estimated prices of Premium Motor Spirit (PMS), also known as petrol, from the Dangote Refinery in its retail stations across the country,” the statement read.
The NNPCL further clarified that it will consider any discounts offered by the Dangote refinery, and if applied, these reductions would be passed on to consumers.
This announcement comes amid earlier confusion over whether the refinery was selling petrol to NNPCL in dollars or Naira.
The Dangote refinery had previously denied claims of selling petrol at N898 per litre and had indicated ongoing negotiations with the federal government.
Following months of delay, the refinery only began distributing petrol to the NNPC recently, marking the start of what could be a significant shift in Nigeria’s petroleum sector.
The NNPC reassured the public that the petrol prices are not set by the government but are negotiated directly between the parties involved.
