The Nigerian National Petroleum Company Limited (NNPC) has announced that the pump price for petrol sourced from the Dangote Refinery could exceed N1,000 per litre in some parts of the country, particularly in the northern regions.
In a statement issued by NNPC spokesperson, Olufemi Soneye, on Monday, the company disclosed the expected prices of Premium Motor Spirit (PMS) from the Dangote Refinery based on September 2024 pricing.
The statement, titled ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing,’ highlighted the significant regional price differences across Nigeria.
According to the NNPC, petrol prices will be highest in states such as Borno, where it could sell for as much as N1,019 per litre. Other northern states, including Abuja, Sokoto, and Kano, could see prices around N999.22 per litre.
In the southern part of the country, the prices are expected to be slightly lower. For instance, in Oyo and Rivers States, consumers will pay around N960 per litre. The lowest price will be available in Lagos and its surrounding areas, where petrol will be sold for N950 per litre.
“The NNPC Ltd has released estimated prices of Premium Motor Spirit, also known as petrol (obtained from the Dangote Refinery), in its retail stations across the country,” said Soneye. He also pointed out that under the Petroleum Industry Act (PIA), petrol prices are no longer regulated by the government. Instead, they are determined through negotiations between the relevant parties.
Soneye further explained that the petrol lifted from the Dangote Refinery on Sunday was paid for in U.S. dollars. “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 1, 2024,” he stated.
He added that the company welcomes any potential discount from the Dangote Refinery, which will be passed on entirely to the public if offered.
This announcement follows a disagreement between the Dangote Group and NNPC regarding the pricing of PMS. On Sunday, Dangote Group refuted claims by NNPC that petrol was being sold at N898 per litre but did not release their official price list at the time.
