The Nigerian National Petroleum Company Limited (NNPCL) has provided a detailed breakdown of the expected retail prices for Premium Motor Spirit (PMS), commonly known as petrol, sourced from Dangote Refinery.
Entrepreneurng learnt that these estimates are based on the pricing for September 2024.
In a statement issued on Monday, Olufemi Soneye, the spokesperson for NNPCL, confirmed that payments for the September petrol supply from Dangote Refinery were made in U.S. dollars. The state-owned company highlighted that the cost of petrol at Dangote Refinery’s gantry was set at N898.78 per liter.
Factoring in logistics, the estimated retail price of petrol in Lagos will be N950.22 per liter. Other regions, such as Abuja, Sokoto, and Kano, will see petrol prices around N999.22 per liter.
In the southeastern states like Rivers, Bayelsa, Akwa Ibom, and Imo, the price is expected to be approximately N980 per liter, while Oyo State will experience prices near N960.22 per liter. The highest price, at N1,019.22 per liter, will be seen in Borno State.
NNPCL clarified that, in accordance with the Petroleum Industry Act (PIA), petrol prices are not government-regulated but rather set through negotiations between the involved parties.
Additionally, NNPCL reaffirmed that its payments to Dangote Refinery for the September supply were made in dollars, with local currency (Naira) transactions slated to begin on October 1, 2024.
The company also expressed that any discount offered by Dangote Refinery would be fully passed on to consumers. NNPCL included a list of the estimated petrol prices for various locations in its statement.
Earlier, Anthony Chiejina, a spokesperson for the Dangote Group, disputed NNPCL’s claim that it purchased petrol from the refinery at N898 per liter. This development followed NNPCL’s lifting of petrol from the Dangote Refinery on Sunday.
