The Nigerian National Petroleum Company (NNPC) Ltd has said it estimates that its retail stations in Lagos will sell fuel obtained from the Dangote refinery at N950.22 per litre.
The company in a statement on Monday by its spokesman Olufemi Soneye also confirmed it is paying Dangote refinery in dollar for the product, noting that the naira deal would commence in October.
“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,” said Mr Soneye.
“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.
“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.”
An attachment of estimated pump prices of fuel (obtained from the Dangote refinery) across NNPC retail stations in the country, based on September 2024 pricing shows that the product would be sold at N992.22 per litre in the FCT, N999.22 in Kano, Kaduna and Sokoto. Borno State will see the highest price with N1,019.22.
Soneye earlier said the loading cost per litre for its trucks at Dangote refinery was N898, a claim which Dangote Group refuted.