The Nigeria National Petroleum Company Limited (NNPCL) has published a revised version of the estimated petrol prices, following a recent offtake from the Dangote Refinery. This updated breakdown was released on Monday, September 16, 2024, and offers more clarity on the pricing structure for petrol sold across the country.
The announcement comes after NNPCL purchased refined petrol from the Dangote Refinery on Sunday, September 15. A statement by NNPC confirmed that this transaction is being conducted in United States dollars for the month of September, with the company stating that naira-based payments will only begin from October 1, 2024.
The official statement by NNPCL reads, “The NNPC Ltd. has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country. The estimated prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery which recognise the current international gasoline prices and the prevailing foreign exchange rate in line with the provisions of the Petroleum Industry Act (PIA) 2021.”
This pricing structure is a result of ongoing negotiations between the NNPCL and Dangote Refinery, taking into account both global oil prices and Nigeria’s exchange rate. NNPCL has assured Nigerians that any discounts negotiated with Dangote Refinery will be passed directly to consumers, in an effort to ease the financial burden of fuel prices on the public.
While the basic price structure has remained unchanged, several fees and charges listed in the initial pricing breakdown have been modified. For example, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee, originally listed at ₦8.99, was reduced to ₦4.495 in the second release.
Additionally, the first breakdown mentioned an inspection fee of ₦0.97 and a margin fee of ₦26.48, which were omitted entirely in the revised statement. Meanwhile, the distribution fee saw a significant increase, rising from ₦15 to ₦42.45 in the updated version. A new charge for the Midstream and Gas Infrastructure Fund fee, also set at ₦4.495, was introduced.
