NNPC Unveils Petrol Prices from Dangote Refinery, Naira Sales Start October
The Nigerian National Petroleum Company (NNPC) has disclosed the projected petrol prices sourced from the Dangote refinery for its retail outlets in Lagos and other states nationwide.
According to a statement issued by the company’s Chief Corporate Communications Officer, Olufemi Soneye, NNPC is purchasing petrol in US dollars from the Dangote refinery for September. However, sales in Naira are set to commence in October.
The statement read: “NNPC Ltd has released estimated prices of Premium Motor Spirit (PMS), commonly known as petrol, obtained from the Dangote Refinery for its retail stations across the country.”
In addition, the company noted that the estimated petrol prices from its retail station in Lagos are around N950.22 per litre. This figure was derived after the following calculations.
The NNPC also revealed the estimated pump price for Premium Motor Spirit (PMS) for September 2024, as determined by Dangote Refinery pricing.
According to the NNPC, PMS prices are not set by the government but are instead negotiated directly between parties on an arm’s length basis, in line with Section 206 (1) of the Petroleum Industry Act (PIA).
For the September 2024 PMS offtake, NNPC has confirmed that payments to Dangote Refinery will be made in U.S. dollars, with transactions in naira set to commence from 1st October 2024.
The base pricing includes a Platts 10ppm price of $690/MT plus a $46 premium, resulting in a total of $736/MT.
In addition, NNPC has indicated that if any dispute arises over the quoted pricing, it would welcome any potential discounts from Dangote Refinery.
Any such reductions would be passed directly to the public, ensuring transparency and fairness in pricing.
The petrol prices for other states are listed below;
- Sokoto State: N999.22
- Kano State: N999.22
- Kaduna State: N999.22
- FCT: N992.22
- Borno State: N1,019.22
- Oyo State: N960.22
- Imo State: N980.22
- Rivers State: N980.22
- Lagos State: N950.22
