NNPCL Sets Minimum Petrol Price at ₦950 per Litre from Dangote Refinery; 16.8 Million Litres Loaded as Operations Ramp Up
NNPCL to Price Petrol from Dangote Refinery at a Minimum of ₦950 per Litre in Lagos
On Monday, NNPCL spokesperson Olufemi Soneye announced that the Nigerian National Petroleum Company Limited (NNPCL) will price petrol sourced from the Dangote Refinery at no less than ₦950 per litre in Lagos. This information was shared in a statement titled “NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing.”
According to the statement, “NNPC Ltd has released estimated prices for Premium Motor Spirit (PMS), commonly known as petrol, to be sold at its retail stations nationwide.” It further clarified that, as stipulated by the Petroleum Industry Act (PIA), petrol prices are determined through negotiations between parties rather than being set by the government.
The NNPCL also confirmed that payments to Dangote Refinery for September 2024 petrol will be made in USD, with transactions in Naira starting from October 1, 2024. The company expressed its commitment to passing any discounts from the Dangote Refinery directly to consumers.
The Nigerian National Petroleum Company Limited (NNPCL) has released an infographic indicating that the minimum price for petrol from the Dangote Refinery will be ₦950 per litre in Lagos and surrounding areas. According to the information, prices could reach up to ₦1,019 per litre in Borno State and ₦999.22 per litre in Abuja, Sokoto, Kano, and other locations. In southern states such as Oyo and Rivers, the price will be ₦960 per litre.
This announcement follows a dispute with the Dangote Group, which claimed on Sunday that it was selling petrol at ₦898 per litre but did not provide a detailed price list.
On Sunday, the Nigerian National Petroleum Company Limited (NNPCL) began loading the first batch of petrol from the Dangote Refinery. NNPCL spokesperson Femi Soneye confirmed to Channels Television that 16.8 million litres of petrol have been extracted from the refinery.
Soneye clarified that the claims of purchasing petrol at ₦1,300 or ₦760 per litre are inaccurate. He stated, “For this initial batch, the price from the refinery was ₦898 per litre.” He also confirmed that the total amount received for this batch will be 16.8 million litres.
By 4 p.m. on Sunday, approximately 70 trucks had been loaded with petrol from the Dangote Refinery, with operations continuing.
Dangote, Africa’s leading industrialist, launched the $20 billion refinery in Lagos last December, initially producing 350,000 barrels per day. Despite facing regulatory challenges, the refinery aims to reach its full capacity of 650,000 barrels per day by the end of the year.
In addition to supplying diesel and aviation fuel to marketers across the country, the refinery has now begun distributing petrol.
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