The Nigerian National Petroleum Company (NNPC) Limited has announced that petrol will be sold at N950.22 per litre across all its retail outlets in Lagos, with the highest prices being recorded in the northern part of the country.
In Borno, residents are expected to pay as much as N1,019.22 per litre, while the Federal Capital Territory (FCT), Abuja, will see prices of N999.22 per litre.
In a social media post on Monday, NNPC said the estimated pump prices are based on the prices set by Dangote Refinery for its petroleum products. The statement also highlighted that the pricing is a result of negotiations under the Petroleum Industry Act (PIA), and not determined by the government.
“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arms-length basis,” the NNPC clarified.
Furthermore, the company confirmed that payment for the September 2024 offtake of Premium Motor Spirit (PMS) from Dangote Refinery was made in US dollars. However, transactions in naira will commence from October 1, 2024.
NNPC assured that any discount received from Dangote Refinery would be passed on to consumers, stating, “The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.”
The company also shared a price map indicating the new fuel rates across its retail stations nationwide, with prices reflecting Dangote Refinery’s September 2024 pricing
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