N999 in FCT, N950 in Lagos… NNPC releases pump prices of Dangote petrol

The Nigerian National Petroleum Company (NNPC) Limited says petrol will be sold at N950.22 per litre across all its retail outlets in Lagos.

In a social media post on Monday, the NNPC said the estimated pump price is based on prices set by the Dangote refinery for its petroleum products.

According to the price map shared by the NNPC, residents in the northern part of Nigeria will pay more for the product, with those in Borno expected to pay the highest petrol pump price of N1,019.22.

The commodity will be at N999.22 per litre in the federal capital territory (FCT), Abuja.

“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arms length,” the NNPC said.

“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. 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.

“Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing.”

PRESS RELEASE

NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery, Based on September 2024 Pricing

The NNPC Ltd has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across… pic.twitter.com/0jVEClVgxQ

— NNPC Limited (@nnpclimited) September 16, 2024

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On September 15, the NNPC commenced petrol lifting at the gantry of the refinery after a protracted period of price negotiations.

The development, touted as a panacea to Nigeria’s chronic supply challenges, followed the deployment of NNPC’s trucks to the refinery on September 14.

At the close of loading on Sunday, the NNPC had said it bought petrol from Dangote refinery at N898 per litre.

However, the Dangote refinery countered the claim, describing it as “both misleading and mischievous”.