NNPC to Sell Dangote Petrol at N1,019/Litre in Borno, N950 in Lagos

The Nigerian National Petroleum Company Limited (NNPC) has announced that petrol obtained from the Dangote Refinery will be sold at prices exceeding N1,000 per litre in certain parts of Nigeria, particularly in the far north.

In a statement released on Monday titled ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing,’ NNPC spokesperson Olufemi Soneye disclosed that petrol prices could reach as high as N1,019 per litre in Borno State. Other areas like Abuja, Sokoto, and Kano will see prices around N999.22 per litre. In southern states such as Oyo and Rivers, the price will be approximately N960 per litre, while Lagos and its surroundings will have the lowest price at N950 per litre.

Soneye clarified, “The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act, PMS prices are not set by the government but are negotiated directly between parties at an arm’s length.”

He further noted that NNPC will pay the Dangote Refinery in U.S. dollars for the petrol offloaded in September 2024, with naira transactions set to commence on October 1, 2024. Additionally, Soneye stated that if there is a discount on the quoted prices, it will be fully passed on to the public.

These estimated pump prices from the Dangote Refinery will apply to NNPC retail stations across Nigeria, based on the September 2024 pricing model.