The Nigerian National Petroleum Company Limited (NNPCL) has announced that it will sell petrol obtained from the Dangote Refinery for no less than N950 per litre in Lagos and its environs.
It added that the price could reach as high as N1,019 per litre in locations such as Borno State, and N999.22 per litre in Abuja, Sokoto, Kano, and other northern regions.
In Oyo, Rivers, and other southern areas, the price will be N960 per litre.
This was disclosed on Monday in a statement by NNPCL spokesperson, Olufemi Soneye, titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’.
Soneye explained that the NNPCL is paying the Dangote Refinery in USD for its September 2024 offtake of Premium Motor Spirit (PMS), also known as petrol. However, transactions in Naira will commence from October 1st, 2024, in line with the Petroleum Industry Act (PIA).
He also emphasized that PMS prices are negotiated at arm’s length between the parties involved and not set by the government.
“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,” Soneye said.
“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.”
In response to earlier claims, Soneye clarified that the NNPCL purchased petrol from Dangote Refinery at N898 per litre, not at N1,300 or N760 as previously speculated. The company also released an infographic showing that the lowest price for petrol from the Dangote Refinery in Lagos would be N950 per litre.
The announcement follows an earlier dispute on Sunday when Dangote Group denied claims by the NNPCL that it sold PMS at N898 per litre, although it did not release its own price list.
On Sunday, the NNPCL began loading the first batch of petrol from the refinery, with 16.8 million litres lifted from the facility.
Soneye confirmed that by 4 pm on Sunday, 70 trucks had already been loaded with the product, adding that the loading process was ongoing.
Dangote Refinery, which commenced operations in December 2023, is Africa’s largest privately-owned refinery, boasting an initial capacity of 350,000 barrels per day. The refinery aims to reach its full production capacity of 650,000 barrels per day by the end of 2024.
Currently, it supplies diesel, aviation fuel, and petrol to marketers across Nigeria.