The Nigerian National Petroleum Company (NNPC) Limited has announced that premium motor spirit (PMS) popularly known as petrol, will be sold at N950.22 per litre across all its retail outlets in Lagos.
NNPC, through a social media post on Monday, said the estimated pump price is dependent on prices set by the Dangote refinery for its petroleum products.
In accordance to the price map shared by the company, residents in the northern part of the country will pay more for the product, with those in Borno expected to pay the highest petrol pump price of N1,019.22.
Petrol will be sold at N999.22 per litre in the federal capital territory (FCT), Abuja.
“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 said.
“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% 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.”
On September 15, the NNPC started lifting petrol at the gantry of the refinery following an elongated period of price negotiations.
The development, proclaimed as a the remedy to Nigeria’s chronic supply challenges, happened after the deployment of NNPC’s trucks to the refinery on September 14.
By the time loading ended on Sunday, the NNPC said it bought petrol from Dangote refinery at N898 per litre.
In response, the Dangote refinery countered the claim, describing it as “both misleading and mischievous”.