The Nigerian National Petroleum Company has released a breakdown of estimated prices of Premium Motor Spirit (Petrol) from Dangote Refinery in retail stations across the country based on September 2024 pricing.
The Spokesperson of NNPCL, Olufemi Soneye disclosed this in a statement on Monday.
The company confirmed that it is paying Dangote Refinery in United States Dollars for the September 2024 PMS offtake.
The state-owned company stressed that the Dangote Refinery Petrol gantry was bought at N898.78 per liter.
Consequently, the estimated cost price of petrol in Lagos, plus logistics, will stand at N950.22 per litre.
In other locations like Federal Capital Territory (Abuja), Sokoto, and Kano states, petrol will be sold at estimated prices of N999.22 per litre.
Rivers, Bayelsa, Akwa Ibom, Imo, and other states stood at N980, while Oyo State stood at N960.22.
Lastly, the highest pump price will be in Borno State which stood at N1,019.22 per liter.
“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 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 1st, 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 percent to the general public.
“Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing”, he stated.