Petrol Price Adjustment: NNPC Unveils New Prices for 36 States, FCT

The Nigerian National Petroleum Company Limited (NNPCL) has announced that petrol sourced from the Dangote Refinery will be sold at prices exceeding ₦1,000 per litre in parts of northern Nigeria.

In a statement issued on Monday titled ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing,’ NNPC spokesperson Olufemi Soneye confirmed that in some regions, such as Borno State, the price may reach as high as ₦1,019 per litre. Other northern states, including Abuja, Sokoto, and Kano, are expected to see prices around ₦999.22 per litre.

In the southern regions, such as Oyo and Rivers, the price is estimated at ₦960 per litre, with Lagos and its surrounding areas having the lowest price at ₦950 per litre, according to an infographic released by the NNPC.

“The NNPC Ltd has provided estimated prices for Premium Motor Spirit (PMS), also known as petrol, sourced from the Dangote Refinery, to be sold at its retail stations nationwide,” the statement read.

Soneye emphasized that, in accordance with the Petroleum Industry Act (PIA), petrol prices are not determined by the government but are instead negotiated directly between parties on a market-driven basis.

The company also clarified that payments for petrol lifted from the Dangote Refinery are currently being made in U.S. dollars.

“The NNPC Ltd confirms that it is paying the Dangote Refinery in USD for the PMS lifted in September 2024. Transactions in naira are scheduled to begin on October 1, 2024,” the statement continued.

Soneye further assured the public that any discounts provided by the Dangote Refinery would be fully passed on to consumers.

This pricing information comes after a disagreement between the Dangote Group and the NNPC over the sale price of PMS. While the NNPC had earlier indicated that petrol was being sold at ₦898 per litre, the Dangote Group did not release an official price list to confirm or refute the claim.