The Nigerian National Petroleum Company (NNPC) has published a breakdown of expected petrol prices at its retail outlets in Lagos and across the country, sourced from the Dangote refinery.
According to a statement by Olufemi Soneye, Chief Corporate Communications Officer, the company is currently purchasing petrol in dollars from the refinery for September, with sales in naira set to commence in October.
Consequently, the estimated cost price of petrol in Lagos, plus logistics, will stand at N950.22 per litre.
In other locations like Federal Capital Territory (Abuja), Sokoto, and Kano states, petrol will be sold at estimated prices of N999.22 per litre.
Rivers, Bayelsa, Akwa Ibom, Imo, and other states stood at N980, while Oyo State stood at N960.22.
Lastly, the highest pump price will be in Borno State which stood at N1,019.22 per liter.
The statement 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 NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by the Government, but negotiated directly between parties at an arm’s length
"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 percent 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”, he stated.
The NNPCL emphasized that PMS prices are not government-controlled, but rather negotiated between parties on a commercial basis, in accordance with Section 206 (1) of the Petroleum Industry Act (PIA), which promotes arm's length transactions.
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.
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
