The Nigerian National Petroleum Company Limited has issued a revised breakdown detailing the estimated cost of petrol sourced from the Dangote Refinery.
According to The PUNCH the NNPC issued a statement early Monday morning, presenting a chart detailing the refined petrol product it purchased from the refinery on Sunday, September 15.
In its statement, the NNPC disclosed that it is paying the Dangote Refinery in U.S. dollars for the September 2024 petrol offtake.
However, from October 1, 2024, payments will transition to transactions in Naira. The company’s message assured Nigerians that they would receive the full benefit of any discounts from the refinery.
The statement said, “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 estimated prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery which recognise the current international gasoline prices and the prevailing foreign exchange rate in line with the provisions of the Petroleum Industry Act (PIA) 2021. 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. We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100% to the general public.”
While the data of the estimated petrol price to be sold nationwide remains consistent, the NNPC’s analysis of its financial transaction with Dangote Refinery has undergone adjustments.
In its initial Monday statement, the firm listed a Nigerian Midstream and Downstream Petroleum Regulatory Authority fee of ₦8.99, which was later modified to ₦4.495 in the second statement.
Additionally, the initial breakdown included an inspection fee of ₦0.97, a margin fee of ₦26.48, and a distribution fee of ₦15.
In contrast, the second release did not include any inspection or margin fees. Instead, the distribution fee saw a significant increase to ₦42.45.
Furthermore, the second statement introduced a new Midstream and Gas Infrastructure Fund fee of ₦4.495, which had not been part of the earlier analysis.
This revision of the transaction details marks an important shift in the financial components involved in the petrol supply chain between NNPC and Dangote Refinery, providing clearer insights into the costs Nigerians can expect in the months ahead.
