The Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled estimated prices for petrol sourced from the Dangote Refinery across the nation. The announcement, made early Monday, marks a significant shift in Nigeria’s fuel pricing landscape.
Lagos residents will benefit from the lowest prices, with petrol retailing at N950.22 per litre. In stark contrast, consumers in Borno State face the highest cost at N1,019.22 per litre. Other major cities see varying rates, with Sokoto, Oyo, and FCT residents paying N999.22, while Kano’s price is set at N992.22 per litre.
According to a statement, these prices stem from NNPC Ltd.’s purchase of fuel from Dangote Refinery at N898 per litre, based on September 2024 pricing. The announcement follows a brief controversy, as Dangote Refinery initially denied NNPC’s disclosure of the N898 pump price, labelling it “misleading and mischievous.”
NNPC Ltd., through its Chief Corporate Communications Officer, Mr. Olufemi Soneye, defended the pricing structure. The company stated that under the Petroleum Industry Act, fuel prices are negotiated between parties at arm’s length, not set by the government.
Interestingly, NNPC Ltd. revealed it’s currently paying Dangote Refinery in US dollars for September 2024 PMS offtake, with plans to transition to naira transactions starting October 1, 2024.
The pricing document also sheds light on additional costs, including regulatory fees and distribution expenses. NNPC Ltd. maintains transparency, stating it would pass on any potential discounts from Dangote Refinery to consumers.
This development coincides with Dangote Refinery’s commencement of PMS loading at its Ibeju-Lekki facility, marking a pivotal moment in Nigeria’s quest for energy self-sufficiency.