The Nigerian National Petroleum Company Limited (NNPC) has disclosed the anticipated pump prices for petrol sourced from the Dangote Refinery, with prices expected to surpass N1,000 per litre in some northern states.
In a statement issued on Monday, NNPC spokesperson Olufemi Soneye shared the projected prices, titled “NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing.”
According to the NNPC, Borno State is expected to see petrol prices reaching as high as N1,019 per litre, while in Abuja, Sokoto, Kano, and other northern regions, the price is projected to be around N999.22.
In southern regions such as Osun, Oyo, and Rivers states, petrol is expected to be priced at N960 per litre, with the lowest price being N950 in Lagos and its surrounding areas.
“The NNPC Ltd has released estimated prices of Premium Motor Spirit, 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, PMS prices are not set by the government, but negotiated directly between parties at an arm’s length,” the statement read.
Additionally, the NNPC clarified that the petrol lifted from the Dangote Refinery on Sunday was paid for in U.S. dollars.
“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 1, 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 per cent to the general public,” the statement added.
These estimated prices are set to apply at all NNPC retail stations across Nigeria, based on the September 2024 pricing model.
This development comes after the Dangote Group refuted NNPC’s earlier claim that it was selling PMS at N898 per litre, without issuing its own official price list.
Breakdown of Petrol Prices Across Nigeria
In a separate announcement, the NNPC released a detailed list of petrol prices across various states. According to the company’s official social media post, the estimated pump prices are based on figures provided by the Dangote Refinery.
The statement reassured the public that in the event of any price disputes, any discounts from Dangote Refinery would be fully passed on to consumers.
Below are the estimated petrol prices across different regions in Nigeria:
Lagos State: N950.22 (South West)
Oyo State: N960.22 (South West)
Rivers State: N980.22 (South-South)
Imo State: N980.22 (South East)
Federal Capital Territory: N992.22 (North Central)
Kaduna: N999.22 (North West)
Kano: N999.22 (North West)
Sokoto: N999.22 (North West)
Borno State: N1,019.22 (North East)
For most regions, aside from Lagos and Abuja, prices are expected to be uniform across states. For example, the expected price of N960.22 per litre in Oyo State is likely to apply across other South West states such as Osun and Ekiti.
Operational Updates
The NNPC commenced the loading of Premium Motor Spirit (PMS) from the Dangote Refinery on Sunday, September 15, 2024, after months of delays related to pricing and business agreements. Prior to the commencement, NNPC Chief Corporate Communications Officer, Femi Soneye, announced that 300 trucks would be stationed at the refinery’s loading gantry, ready for petrol distribution.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, recently confirmed that NNPCL would serve as the exclusive off-taker for refined petrol from the Dangote Refinery.
During a technical meeting on crude oil sales to local refineries, Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), representing the Finance Minister, highlighted that while diesel from Dangote Refinery could be purchased in naira by any interested party, PMS would be sold exclusively to NNPCL for distribution to various marketers.
This agreement is part of a broader government strategy to ease pressure on the naira and improve the availability of petroleum products across the country. The initiative, approved by the Federal Executive Council under President Tinubu, aims to streamline petroleum transactions and reduce unnecessary costs.
