The Nigerian National Petroleum Company Limited has estimated that the pump price of Premium Motor Spirit, commonly known as petrol, which will be supplied by the Dangote Refinery, is expected to be N1,019.
This information was shared through a statement issued by the company’s Chief Corporate Communications Officer, Olufemi Soneye.
NNPCL clarified that the price is set through direct negotiations, in line with the guidelines of the Petroleum Industry Act and emphasized that the government does not play a role in determining the cost of fuel.
A flyer published on NNPCL’s official account highlighted the new pump price, revealing that petrol will now be sold at N950.22 per litre.
Fuel prices for other states.
1. Oyo -N960.22
2. Sokoto – N999.22
3. Kaduna – N999.22
4. Kano- N999.22
5. FCT- N999.22
6. Rivers – N980.22
7. Borno – N1,019.22
The full statement provided additional context, stating, “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 Government, but negotiated directly between parties on an arms 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% 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.”
This move marked a significant shift, as it highlighted the transition to Naira-based transactions for PMS from October 2024, alongside the continuous collaboration between NNPCL and the Dangote Refinery, which holds the potential for price adjustments that could benefit Nigerian consumers.
