THE Nigerian National Petroleum Company Limited (NNPCL) has announced that petrol from the Dangote Refinery will be sold at no less than N950 per litre in Lagos.
This was disclosed by NNPCL spokesperson, Olufemi Soneye, in a statement titled, “NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing,” released today.
According to the statement, NNPCL has provided estimated prices for Premium Motor Spirit (PMS), also known as petrol, from the Dangote Refinery, for its retail outlets across the country.
It emphasized that, as stipulated by the Petroleum Industry Act (PIA), the government does not set PMS prices; instead, they are determined through negotiations between the parties involved.
NNPCL also confirmed that it is paying Dangote Refinery in U.S. dollars for the September 2024 PMS supply, with Naira payments set to begin from October 1, 2024. The company assured that if the price is negotiated down, any discounts would be fully passed on to consumers.
An infographic shared by NNPCL indicated that the lowest price for petrol would be N950 per litre in Lagos and surrounding areas, with prices rising to N1,019 per litre in Borno State and N999.22 per litre in Abuja, Sokoto, Kano, and other northern regions. In Oyo, Rivers, and other southern states, the price would be N960 per litre.
This follows a previous disagreement between the Dangote Group and NNPCL yesterday, where the refinery claimed it was selling PMS at N898 per litre but did not provide an official price list.
Yesterday NNPCL began loading the first batch of petrol from the Dangote Refinery.
Femi Soneye confirmed that 16.8 million litres of petrol were lifted from the refinery, and clarified that contrary to claims, the initial loading price was 898 per litre, not N1,300 or N760.
“Today, we successfully loaded PMS at the Dangote Refinery,” Soneye said. “By 4 pm Sunday, we had loaded around 70 trucks, and the process is ongoing.”
Dangote’s $20 billion refinery in Lagos, which started operations last December, has a capacity of 350,000 barrels per day, with plans to reach 650,000 barrels per day by the end of the year.
The refinery has also begun supplying diesel and aviation fuel to Nigerian marketers, along with petrol.