The Nigerian National Petroleum Company (NNPC) Limited has announced that petrol will be sold at N950.22 per litre across its retail outlets in Lagos.
In a social media post on Monday, NNPC stated that the estimated pump price is based on the prices set by the Dangote refinery for its petroleum products.
A price map shared by NNPC reveals regional variations, with residents in northern Nigeria paying more. Specifically, Borno State residents will pay the highest petrol pump price of N1,019.22 per litre.
“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arms length,” the NNPC said.
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 1st, 2024. 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% 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.”
On September 15, the NNPC commenced petrol products lifting at the gantry of the Dangote refinery after a protracted period of price negotiations.
The development, touted as a panacea to Nigeria’s chronic supply challenges, followed the deployment of NNPC’s trucks to the petrol-loading gantry of the refinery on September 14.
At the close of loading on Sunday, the NNPC had said it bought petrol from Dangote refinery at N898 per litre.
However, the refinery countered the claim, describing it as “both misleading and mischievous”.