NNPC Ltd Confirms Petrol Prices from Dangote Refinery

The NNPC Ltd confirms petrol prices from the Dangote Refinery, with Lagos priced at N950/litre and Borno at N1,019. Additionally, the NNPC Ltd publishes estimated prices of petrol from the Dangote Refinery in its nationwide retail stations, highlighting that petrol prices are determined through direct negotiations between parties, not government intervention.

The Prices

The NNPC Ltd actively engages in pricing negotiations, ensuring that any disputed quotes with the Dangote Refinery result in discounts passed directly to consumers. Specifically, the NNPC Ltd establishes the following state-by-state prices: Lagos, N950.22/litre; Oyo, N960.22; Rivers, N980.22; Abuja, N992.22; Kaduna, N999.22; Kano, N999.22; Sokoto, N999.22; and Borno, N1,019.

In addition, the NNPC Ltd confirms that it is paying Dangote Refinery in USD for September 2024 PMS offtake, with Naira transactions commencing on October 1, 2024. Furthermore, the national oil company assures Nigerians that the lingering petrol scarcity and long queues at filling stations will disappear in the next few days with the loading of refined petroleum products from the Dangote Refinery.

Furthermore, Mr. Dapo Olusegun, Executive Vice President, Downstream, NNPC Ltd, clearly states that market forces will drive the pump price of petrol from the refinery, dismissing any notion of price-fixing by the NNPC Ltd or Dangote Refinery. He proactively addresses allegations that the NNPC Ltd has obstructed the refinery’s launch, highlighting the company’s 7.25% stake in the asset and its commitment to supporting the refinery’s operations.

In conclusion, Olusegun explains that the distribution of petrol productions involves a process, and the final price from the Dangote refinery was N898.78, with additional costs for distribution, inspection, and expected margin. He assures that the NNPC Ltd will support Dangote Refinery as a shareholder and emphasizes that the Petroleum Industry Act (PIA) has transformed the NNPC Ltd into a going concern, no longer reliant on government support.