The Nigerian National Petroleum Company Limited (NNPCL) has announced the estimated retail prices of Premium Motor Spirit (PMS), commonly known as petrol, across various states for September 2024. These prices are based on the latest supply from Dangote Refinery.
Nationwide Petrol Price Breakdown
According to NNPCL spokesperson, Olufemi Soneye, the new petrol prices were released following the company’s acquisition of petrol from Dangote Refinery. NNPCL is currently paying for the petrol in US dollars, with the pricing structure set to shift to naira transactions starting from October 1st, 2024.
The price of petrol from Dangote Refinery is initially set at N898.78 per liter. However, the final cost at retail stations across Nigeria varies based on logistics and location.
Here is a breakdown of the estimated petrol prices for different regions:
- Lagos: N950.22 per liter
- Federal Capital Territory (Abuja), Sokoto, Kano: N999.22 per liter
- Rivers, Bayelsa, Akwa Ibom, Imo: N980 per liter
- Oyo State: N960.22 per liter
- Borno State: N1,019.22 per liter
This announcement confirms that Borno State will experience the highest pump price at N1,019.22 per liter, while Lagos will see the lowest price at N950.22 per liter.
Petrol Prices Set by Market, Not Government
NNPCL further explained that, under the Petroleum Industry Act (PIA), petrol prices are not regulated by the government but are instead determined through direct negotiations between market participants.
NNPCL also stated that any discount offered by Dangote Refinery will be passed on to the public.
Dispute Over Pricing
Meanwhile, Dangote Group’s spokesperson, Anthony Chiejina, has questioned NNPCL’s statement, particularly the claim that petrol was purchased at N898 per liter. This disagreement comes shortly after NNPCL started lifting petrol from the refinery on Sunday.
As both organizations continue to clarify their positions, Nigerians await further developments regarding the final prices in the coming months.
