The Nigerian National Petroleum Corporation (NNPC) Limited has announced the estimated pump prices of Premium Motor Spirit (PMS), popularly known as petrol, for retail stations across the country, following negotiations with the Dangote Refinery.
In a press statement released on Monday, the NNPC revealed that the new prices reflect the cost of PMS supplied from the Dangote Refinery, based on September 2024 supply. The pricing was developed in line with the provisions of the Petroleum Industry Act (PIA) 2021 and considers the prevailing international gasoline prices and the foreign exchange rate.
“We have negotiated the terms with Dangote Refinery, keeping in mind international market trends and exchange rates,” said Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd. He assured Nigerians that “any discount from the Dangote Refinery will be passed on 100% to the general public.”
The estimated prices vary across different states, with Lagos State set to retail petrol at NGN 950.22 per litre, while states like Borno will see higher prices, with petrol costing NGN 1,019.22 per litre. The Federal Capital Territory (FCT) is expected to have a pump price of NGN 992.22 per litre.
The release also clarified that NNPC Ltd. is currently paying Dangote Refinery in US dollars for the September 2024 PMS offtake, with Naira transactions set to begin from October 1st, 2024. This marks a temporary arrangement aimed at stabilizing the supply chain during the transition to local currency transactions.
Soneye reassured the public that despite the volatility in exchange rates, NNPC is committed to ensuring that the prices remain competitive and that Nigerians benefit from any reductions in cost at the refinery level. “We are here to guarantee that every discount and cost-saving measure is transferred directly to consumers,” he added.
The breakdown of estimated pump prices for major states is as follows:
- Lagos State: NGN 950.22/litre
- Oyo State: NGN 960.22/litre
- Imo State: NGN 980.22/litre
- Rivers State: NGN 980.22/litre
- FCT Abuja: NGN 992.22/litre
- Kaduna State: NGN 999.22/litre
- Kano State: NGN 999.22/litre
- Sokoto State: NGN 999.22/litre
- Borno State: NGN 1,019.22/litre
NNPC Ltd.’s release marks a significant development as the Dangote Refinery begins to contribute to Nigeria’s fuel supply, potentially easing pressure on fuel availability and pricing.
