The Nigerian National Petroleum Company (NNPC) has announced the estimated prices of petrol sourced from the Dangote Refinery for distribution across its retail stations nationwide.
In a statement released early Monday, the NNPC emphasized that, in line with the Petroleum Industry Act (PIA), petrol prices are not determined by the government but are negotiated between the parties involved.
The NNPC confirmed that for September 2024, payments to the Dangote Refinery were made in USD, with Naira-based transactions set to begin on October 1, 2024. The company also assured that any discounts from the Dangote Refinery would be passed on fully to the public.
According to the September pricing template, petrol prices will vary across different regions of Nigeria. Key prices include:
- Lagos: ₦950.22 per liter
- Oyo: ₦960.22 per liter
- Rivers: ₦980.22 per liter
- Abuja: ₦992.22 per liter
- Kaduna, Kano, Sokoto: ₦999.22 per liter
- Borno: ₦1,019 per liter
The final cost breakdown shows the refinery price at ₦898.78 per liter, with additional costs such as distribution in Lagos at ₦15 per liter, an inspection fee of ₦0.97, NMDPRA charges of ₦8.99, and an expected margin of ₦26.48.
This announcement comes as the NNPC reassures Nigerians that the current petrol scarcity and long queues at filling stations will subside in the coming days, with the loading of refined products from the Dangote Refinery, which began on Sunday.
The company further reiterated that the pump price of petrol would now be determined by market forces, without interference from either the NNPC or Dangote Refinery.
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