NNPC to Sell Dangote Refinery Petrol Above N1,000/Litre in Northern Nigeria
By Matthew Eloyi
The Nigerian National Petroleum Company Limited (NNPC) has announced that petrol sourced from the Dangote Refinery will be sold at prices exceeding N1,000 per litre in some northern states.
In a statement on Monday titled ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’, NNPC spokesperson, Olufemi Soneye, disclosed that the price could reach N1,019 per litre in Borno State, while Abuja, Kano, and Sokoto may see prices around N999.22 per litre.
In southern states like Oyo and Rivers, the price will be N960 per litre, with Lagos and its environs enjoying the lowest rate of N950.
Soneye emphasized that these rates are based on current negotiations between the NNPC and the Dangote Refinery, in accordance with the Petroleum Industry Act, which stipulates that petrol prices are not government-controlled.
“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,” Soneye noted.
He further explained that the petrol lifted from the Dangote Refinery was paid for in U.S. dollars as part of September’s pricing arrangement, with naira payments scheduled to begin 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,” the statement added.
The announcement comes after a disagreement between the NNPC and the Dangote Group over pricing, with the latter disputing an earlier claim that it was selling petrol at N898 per litre but withholding its official price list.
This development is expected to stir reactions nationwide as consumers brace for a potential hike in fuel costs.
