Dangote Refinery: NNPC Sets New Petrol Prices For September

The Nigerian National Petroleum Company Limited (NNPC) has fixed new estimated petrol pump prices across all states, after completing the loading of Premium Motor Spirit, popularly known as petrol from the Dangote Refinery for the September 2024 pricing.

Recall that NNPC stated it paid N898 per litre for the 16.8 million litres of petrol purchased from the Dangote refinery on Sunday, September 15.

A breakdown of the pricing showed that Borno State will pay N1,019.22 per litre; Sokoto State – N999.22 per litre; Kano State – N999.22 per litre; Kaduna State – N999.22 per litre; Federal Capital Territory (FCT) – N992.22 per litre; Rivers State – N980.22 per litre Oyo State – N960.22 per litre; and Lagos State – N950.22 per litre.

NNPC explained that the new prices for September are based on figures obtained from the Dangote Refinery and not set by the federal government.

The company’s spokesman, Olufemi Soneye, in a statement on Monday, said these prices are for September 2024.

The NNPC also stressed that the petrol loaded from the Dangote Refinery was priced in dollars as the Naira sale of petrol will commence from October.

“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 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 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 per cent to the general public.”