Nigeria: NNPC announces new petrol prices

The Nigerian National Petroleum Company Limited (NNPC) has announced new estimated petrol pump prices across all states, following the completion of loading Premium Motor Spirit (petrol) from the Dangote Refinery for the September 2024 pricing.

NNPC previously disclosed that it paid N898 per litre for the 16.8 million litres of petrol purchased from the Dangote Refinery on Sunday, September 15.

A detailed pricing breakdown reveals that Borno State will pay N1,019.22 per litre, Sokoto, Kano, and Kaduna States – N999.22 per litre, the Federal Capital Territory (FCT) – N992.22 per litre, Rivers State – N980.22 per litre, Oyo State – N960.22 per litre, and Lagos State – N950.22 per litre.

NNPC clarified that the new September prices are derived from figures provided by the Dangote Refinery and not determined by the federal government.

In a statement on Monday, NNPC spokesman Olufemi Soneye confirmed that these prices are for September 2024.

The NNPC also highlighted that the petrol loaded from the Dangote Refinery was priced in dollars, with Naira-based sales set to begin in October.

“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.

“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 government, but negotiated directly between parties on an arm’s length.”

“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100 per cent to the general public.”