The Nigerian National Petroleum Company Limited(NNPCL) has published a breakdown of estimated petrol prices sourced from the Dangote Refinery for its retail stations in Lagos and other states across the country.
In a statement signed by its Chief Corporate Communications Officer, Olufemi Soneye, NNPCL announced that it is purchasing petrol in U.S. dollars from the Dangote Refinery for September, with sales in Naira to commence in October.
The statement reads, “NNPC Ltd has released estimated prices of Premium Motor Spirit (PMS), also known as petrol, obtained from the Dangote Refinery, for its retail stations nationwide.”
The company revealed that the estimated pump price for PMS at its Lagos stations is around N950.22 per litre. This price is the result of detailed calculations that include international market factors.
The NNPCL also disclosed estimated petrol prices for September 2024, as determined by Dangote Refinery’s pricing. According to the company, petrol prices are not set by the government but are instead negotiated on a commercial basis, in line with Section 206 (1) of the Petroleum Industry Act (PIA).
For the September 2024 fuel offtake, NNPCL confirmed that payments to Dangote Refinery are being made in U.S. dollars, with transactions in Naira to begin on 1st October 2024. The base pricing includes a Platts 10ppm price of $690 per metric ton, plus a $46 premium, bringing the total to $736 per metric ton.
The NNPCL added that any potential discounts negotiated with the Dangote Refinery would be passed directly to consumers, ensuring transparency and fairness in pricing.
Below is the estimated price of petrol across various states:
- 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
NNPCL’s clarification follows an earlier statement from the Dangote Refinery, which confirmed that petrol was sold to NNPCL in dollars rather than the previously agreed Naira. The refinery explained that sales in Naira will begin in October due to earlier crude oil transactions being paid for in dollars.
Dangote Refinery had previously denied selling petrol to NNPCL at N898 per litre, stating that price negotiations with the federal government were still ongoing. Distribution of petrol to NNPCL from the Dangote Refinery only began recently, after months of delays. Prices are expected to be finalized following discussions with the federal government’s technical sub-committee on crude oil sales in Naira.
