NNPC Announces New Petrol Prices from Dangote Refinery
Global News Reports That The Nigerian National Petroleum Company Limited (NNPC) has announced updated petrol prices for fuel sourced from the Dangote Refinery, effective from September 2024. The new prices are as follows: ₦950 per litre in Lagos and its surrounding areas, ₦960 per litre in southern states such as Oyo and Rivers, and approximately ₦999.22 per litre in cities like Abuja, Sokoto, and Kano. In the far northern regions, including Borno State, the price may rise to ₦1,019 per litre.
NNPC spokesperson Olufemi Soneye explained that these prices reflect the costs associated with the current payment arrangements, which involve transactions in US dollars. Payments in naira will commence on October 1, 2024. This pricing structure is in line with the Petroleum Industry Act, which stipulates that petrol prices are negotiated between parties rather than set by the government.
Soneye also addressed potential price adjustments, stating that if any discounts are offered by the Dangote Refinery, they will be passed on fully to consumers. This announcement follows a disagreement between NNPC and Dangote Group over petrol pricing, with the latter claiming it was selling petrol at ₦898 per litre, a figure that was not confirmed in the latest release.
The NNPC reassured the public that it remains committed to fair pricing and will ensure that any adjustments in pricing will be transparently communicated.