• New Prices Take Effect as Dangote Refinery Begins Supply”
• NNPC Clarifies Payment Terms, Dismisses Government Regulation Claims
• Fuel Prices to be Reviewed Monthly, Says NNPC
The Nigerian National Petroleum Corporation (NNPC) Limited has released a revised pump price for petrol following the loading of products from the Dangote Refinery. This comes with increased costs for consumers across different regions.
In a recent statement, NNPC revealed that the new prices per litre will be as follows: Lagos will now sell at N950, an increase from the previous price of N855 Abuja residents will pay N992.22, up from N897, while in Borno, petrol will cost N1,019.22, compared to the previous N897.
NNPC explained that it loaded the product from the Dangote Refinery at N898 per litre and addressed any potential concerns, stating, “We challenge anyone with contrary figures to make them public.”
The corporation also emphasized that fuel prices are not government-regulated but are negotiated between parties in line with the Petroleum Industry Act (PIA). “PMS prices are not set by Government, but negotiated directly between parties on an arms-length basis,” the statement read.
Furthermore, NNPC clarified its payment terms with Dangote Refinery: “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.”
NNPC assured consumers that any potential price reduction would be passed directly to the public. “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,” the statement added.
Attached to the statement were the estimated pump prices across NNPC Retail Stations based on September 2024 pricing.
