The Nigerian National Petroleum Company (NNPC) Limited has revealed that petrol will now be sold at N950.22 per litre across its retail outlets in Lagos.....KINDLY READ THE FULL STORY HERE▶
This statement, signed by Olufemi Soneye, the chief corporate communications officer of the NNPC was made via a statement on the corporation’s social media on Monday, and it reflects pricing aligned with those set by the Dangote Refinery for its petroleum products.
According to the NNPC’s pricing map, petrol prices will vary significantly across Nigeria. Borno will experience the highest cost in the northern region, with petrol priced at N1,019.22 per litre.
Meanwhile, the Federal Capital Territory (FCT), Abuja, will see petrol priced at N999.22 per litre.
The corporation clarified that, per the Petroleum Industry Act (PIA), the pricing of Premium Motor Spirit (PMS) is not regulated by the government but is instead negotiated directly between the parties involved.
It also confirmed that it is paying the Dangote Refinery in U.S. dollars for the September 2024 PMS offtake, with Naira transactions set to commence on October 1, 2024.
The NNPC also indicated that any disputes regarding the quoted pricing could lead to discounts from the Dangote Refinery, which would be fully passed on to consumers.
This pricing update follows the commencement of petrol lifting at the Dangote Refinery’s gantry on September 15, a move seen as a potential solution to Nigeria’s ongoing supply challenges.
This development followed the deployment of corporation trucks to the refinery on September 14.
Previously, the corporation claimed it purchased petrol from the Dangote Refinery at N898 per litre. However, the Dangote Refinery has disputed this figure, labelling the claim as “misleading and mischievous.”
PRESS RELEASE
NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery, Based on September 2024 Pricing
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… pic.twitter.com/0jVEClVgxQ
— NNPC Limited (@nnpclimited) September 16, 2024
For further details on the estimated pump prices across NNPC Retail Stations, based on September 2024 pricing, please refer to the attached statement from the NNPC.
NNPC’s full statement on the estimated pump price
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 Ltd also wishes to state that, in line with the Petroleum Industry Act (PIA) provisions, PMS prices are not set by the Government but negotiated directly between on parties an arm’s length.
The corporation Ltd can confirm that it is paying Dangote Refinery in USD for the September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.
The 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% to the general public.
Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing.
Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd
Abuja