NNPC Announces New Price of Petrol Across All States In Nigeria

Posted by Thandiubani on Mon 16th Sep, 2024 - tori.ng

The increase in price followed a statement from NNPCL stating that it bought petrol at a higher rate from Dangote Refinery on Sunday.

The Nigeria National Petroleum Company Limited (NNPCL) has revealed the new price of petrol across all states of the federation.

Recall that on Sunday, the NNPCL had confirmed buying petrol from Dangote Refinery.

In a statement released on Monday, titled “NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing,” NNPC spokesperson, Olufemi Soneye, outlined the pricing structure.

According to the statement, the price of petrol could reach ₦1,019 per litre in Borno State, while it will be priced at ₦999.22 per litre in Abuja, Sokoto, Kano, and other northern states.

In contrast, consumers in the South will face somewhat lower prices, with petrol priced at ₦960 per litre in Oyo, Rivers, and other southern regions.

The lowest price of ₦950 per litre will be available in Lagos and its surrounding areas.

This pricing disparity highlights the logistical and distribution challenges faced by the NNPCL, affecting fuel costs across different regions.

He stated, “The NNPC Ltd has released estimated prices of Premium Motor Spirit, also known as petrol (obtained from the Dangote Refinery) in its retail stations across the country.

“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act, PMS prices are not set by the government, but negotiated directly between parties at an arm’s length.

“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 1, 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 per cent to the general public.”

He stated that the estimated pump prices of PMS were obtained from the Dangote Refinery and will be across NNPC retail stations in the country, based on September 2024 pricing.

Recall that the Dangote Group had disagreed with the NNPC on Sunday that it was selling PMS at ₦898, but it failed to release its price list.