Home » NNPCL Sets Petrol Price at ₦950 per Litre in Lagos

NNPCL Sets Petrol Price at ₦950 per Litre in Lagos

By Ayomide Otitoju

The Nigerian National Petroleum Company Limited (NNPCL) has announced that petrol sourced from the Dangote Refinery will be sold for a minimum of ₦950 per litre in Lagos. This was disclosed on Monday by the NNPCL spokesperson, Olufemi Soneye, in a statement titled “NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing.”

The statement emphasized that the pricing of Premium Motor Spirit (PMS), commonly referred to as petrol, is determined through negotiations and is not set by the government, in line with the Petroleum Industry Act (PIA). “NNPC Ltd pays the Dangote Refinery in USD for the September 2024 supply, with Naira transactions to begin from October 1, 2024,” the statement said. It added that any discount offered by the Dangote Refinery would be passed on to consumers.

According to an infographic shared by NNPCL, the price of petrol could rise to ₦1,019 per litre in Borno State and ₦999.22 in Abuja, Sokoto, and Kano. In states like Oyo and Rivers, the price is expected to be around ₦960 per litre.

The announcement follows a dispute between the Dangote Group and NNPCL regarding the price of PMS. Dangote Group had earlier denied claims by NNPCL that petrol was being sold to the company at ₦898 per litre, but did not release a price list. On Sunday, NNPCL began loading the first batch of petrol from the refinery, with Soneye confirming that 16.8 million litres had been lifted. “As of 4 p.m. Sunday, 70 trucks have been loaded, and the process is ongoing,” he said.

The Dangote Refinery, which commenced operations last December, has a capacity of 350,000 barrels per day and aims to reach full capacity of 650,000 barrels by the end of the year. It has already started supplying diesel and aviation fuel to the market, with petrol now added to its distribution.

In response to the NNPCL’s claims, Dangote Refinery spokesperson Anthony Chiejina described the statements as “misleading and mischievous.” He urged Nigerians to await an official price announcement, which will be made on October 1, 2024, by a committee appointed by President Bola Ahmed Tinubu.

Chiejina stressed that the refinery is selling to NNPCL in dollars, offering significant savings compared to current importation costs. He added that the refinery’s efforts would ensure that petrol reaches every local government area, regardless of location.

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