The Nigerian National Petroleum Company Limited (NNPC) has announced a new pricing structure for petrol sourced from the Dangote Refinery, which will take effect across the country.
Following the commencement of petrol loading from the refinery, the pump price for Premium Motor Spirit (PMS) has been set at N950.22 per litre in Lagos, up from N855, while in Abuja, it will rise to N992.22 per litre from N897.
In Borno State, consumers will face the highest price at N1,019.22 per litre.
In a statement released by NNPC, the corporation clarified that the prices are not regulated by the government but are determined through negotiations between the parties involved, in accordance with the Petroleum Industry Act (PIA).
The NNPC confirmed that it is currently purchasing petrol from Dangote in US dollars for September 2024, with transactions in naira expected to begin on October 1, 2024.
The statement emphasized that if there are disputes regarding pricing, NNPC would appreciate any discounts offered by Dangote Refinery, which would be fully passed on to consumers.
NNPC also assured the public that the recent increase in petrol prices would not hinder supply. The company expressed optimism that fuel scarcity and long queues at filling stations would diminish shortly due to the ongoing loading of refined products from Dangote Refinery.
