NNPC Announces Petrol Prices to Exceed N1,000/Litre in Northern Nigeria

The Nigerian National Petroleum Company Limited (NNPC) has revealed that petrol from the Dangote Refinery will be sold at over N1,000 per litre in some parts of northern Nigeria.

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 the price could soar to N1,019 per litre in Borno State and N999.22 in cities such as Abuja, Sokoto, and Kano.

According to Soneye, petrol prices will also vary across other regions, with Oyo and Rivers States set at N960 per litre, while Lagos and its surrounding areas will see the lowest price at N950 per litre.

“The NNPC Ltd has released estimated prices of Premium Motor Spirit (PMS), also known as petrol, from the Dangote Refinery in its retail stations nationwide. The prices, in line with the Petroleum Industry Act, are not determined by the government but are negotiated at arm’s length between parties,” Soneye stated.

The NNPC further clarified that the petrol lifted from the Dangote Refinery on Sunday was paid for in U.S. dollars, with naira payments expected to begin on October 1, 2024.

“If the quoted pricing is disputed, the NNPC Ltd will welcome any discount from the Dangote Refinery, which will be fully passed on to the public,” the statement added.

The announcement follows a disagreement between the Dangote Group and NNPC, with Dangote refuting NNPC’s earlier claim of selling petrol at N898 but failing to release its own price list.