KEY POINTS
- NNPC plans to sell petrol from Dangote Refinery for over N1,000 per litre in northern states.
- Petrol prices in southern regions will be lower, with Lagos seeing the lowest price at N950.
- NNPC states that PMS prices are negotiated and paid in USD until naira payments begin in October.
The Nigerian National Petroleum Company Limited has announced that it will sell petrol from the Dangote Refinery in the far north for more than N1,000 per litre.
Olufemi Soneye, the NNPC spokesperson, said this on Monday in a statement headlined ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’.
Regional petrol price variations across Nigeria
Soneye explained that the price might be as high as N1,019 per liter in Borno State and N999.22 in Abuja, Sokoto, Kano, and other areas. While in Oyo, Rivers, and other southern districts, the price will be N960 per litre.
According to an infographic released by the NNPC, the lowest price in Lagos and surrounding areas is N950. “NNPC Ltd. has issued expected prices for Premium Motor Spirit, also known as petrol (obtained from the Dangote Refinery), at its retail stations across the country.
“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act, PMS prices are not set by the government, but negotiated directly between parties at an arm’s length,” said the spokesperson.
Punch reported that the corporation stated that the merchandise loaded on Sunday was paid for in dollars. “The NNPC Ltd confirms that it is paying Dangote Refinery in USD for the September 2024 PMS offtake, as naira transactions would not begin until October 1, 2024.
NNPC addresses pricing disputes and future payment arrangements
“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,” it said.
He noted that the predicted pump rates for PMS were received from the Dangote Refinery and will be applied to all NNPC retail stations in the country based on September 2024 pricing.
However, Dangote Refinery disputed with the NNPC on Sunday, claiming that it was selling PMS for N898, but failed to release a price list.
