The Nigerian National Petroleum Company Limited (NNPCL) has announced that petrol (PMS) sourced from the Dangote Refinery will be sold for a minimum of ₦950 per litre in Lagos and its environs. This is based on September 2024 pricing, and the company expects higher prices in other regions, such as ₦1,019 per litre in Borno State and ₦999.22 in Abuja, Sokoto, and Kano. In states like Oyo and Rivers, the price will hover around ₦960 per litre.
The NNPCL clarified that PMS prices are determined through negotiations between the parties involved, in line with the Petroleum Industry Act (PIA), and not set by the government. It also confirmed that it is currently paying Dangote Refinery in USD for PMS offtake for September 2024, with Naira transactions starting on October 1, 2024.
This announcement follows a disagreement between the Dangote Group and NNPCL, where Dangote contested NNPCL’s claim that the price would be ₦898 per litre, but it did not release its own pricing list. Loading of the first batch of 16.8 million litres of petrol from the Dangote Refinery started on Sunday.
This development is part of the broader context of fuel pricing and distribution changes following the establishment of the Dangote Refinery, Africa’s largest, which is expected to help reduce Nigeria’s dependency on imported fuel.