The Nigerian National Petroleum Company Limited (NNPC) has announced that it will sell petrol obtained from the Dangote Refinery at prices exceeding N1,000 per litre in some northern States.
According to the NNPC spokesperson, Olufemi Soneye, the new prices were revealed in a statement on Monday titled, “NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing.”
Soneye explained that the price could reach as high as N1,019 per litre in locations like Borno State, while in cities such as Abuja, Sokoto, and Kano, the price is estimated to be around N999.22 per litre. In southern States like Oyo and Rivers, the price will be slightly lower, at N960 per litre.
The lowest price, according to NNPC’s release, will be N950 per litre, applicable in Lagos and its environs.
“The NNPC Ltd has released estimated prices of Premium Motor Spirit (PMS), also known as petrol, sourced from the Dangote Refinery to its retail stations nationwide,” the statement read.
Soneye further clarified that, in line with the provisions of the Petroleum Industry Act (PIA), petrol prices are not government-regulated but rather negotiated at arm’s length between involved parties.
The NNPC also disclosed that the petrol it lifted from the Dangote Refinery was paid for in U.S. dollars, as the naira will not be used for transactions until October 1, 2024.
“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake,” Soneye stated.
He added that if there is any dispute over the quoted pricing, the NNPC would welcome any discounts from the Dangote Refinery, which would be fully passed on to the public.
This announcement follows a disagreement between the NNPC and Dangote Group regarding the pricing of PMS.
he Dangote Group had disputed NNPC’s earlier claims that the refinery was selling PMS at N898 per litre but has yet to release an official price list.
