The Nigerian National Petroleum Company Limited (NNPCL) has announced the retail prices for petrol sourced from the Dangote Refinery, detailing the costs across various states in Nigeria. This move comes as part of the company’s transparency efforts in line with the Petroleum Industry Act (PIA).
According to a statement issued by Olufemi Soneye, Chief Corporate Communications Officer at NNPCL, petrol from the Dangote Refinery will be priced in U.S. dollars for September 2024. The transition to sales in Nigerian Naira is scheduled to start on October 1, 2024.
The estimated retail price for Premium Motor Spirit (PMS), commonly known as petrol, at NNPCL stations in Lagos has been set at approximately N950.22 per litre. This price is based on the following calculation:
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- Base price: $690 per metric ton (MT) for Platts 10ppm
- Premium: $46 per MT
- Total base price: $736 per MT
In addition, the NNPCL outlined the estimated petrol prices for other states as follows:
- Sokoto State: N999.22
- Kano State: N999.22
- Kaduna State: N999.22
- Federal Capital Territory (FCT): N992.22
- Borno State: N1,019.22
- Oyo State: N960.22
- Imo State: N980.22
- Rivers State: N980.22
- Lagos State: N950.22
The pricing strategy aligns with the stipulations of the Petroleum Industry Act (PIA), which emphasizes that petrol prices are negotiated on an arm’s length basis between the involved parties. NNPCL has assured that any potential disputes over pricing will be resolved transparently, and any discounts received from the Dangote Refinery will be passed directly to consumers.
This announcement follows a period of uncertainty regarding pricing. Earlier, the Dangote Refinery had indicated that petrol sales to NNPCL were conducted in U.S. dollars, contradicting previous statements of naira-based transactions. The refinery had also delayed distribution due to ongoing negotiations over the final pricing with the federal government.
Source here.
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