…Assures On Passing On Discounts Directly To Consumers
By Chidi Ugwu
The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that it will begin selling petrol from the Dangote Refinery at prices ranging from N950 to N1,019 per liter, effective immediately.
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In a statement, NNPC ‘s Spokesperson, Olufemi Soneye, said the pricing structure follows the commencement of petrol loading at the refinery on September 15, 2024.
Notably, NNPC Ltd confirmed that payments for the petrol will be made in U.S. dollars until October 1, 2024, when transactions in Naira will start.
According to the statement, NNPC Ltd emphasized that petrol prices are determined through negotiations between parties and are not set by the government, as stipulated by the Petroleum Industry Act (PIA).
The company expressed a willingness to pass on any discounts received from Dangote Refinery directly to consumers.
The estimated pump prices vary significantly across states, with Borno State facing the highest price at N1,019.22 per liter, while Lagos residents will pay the lowest at N950.22 per liter. Other regions like Abuja and Sokoto will see prices around N999.22 per liter.
“The estimated prices are based on negotiated terms between NNPC and Dangote Refinery which recognise the current international gasoline prices and the prevailing foreign exchange rate in line with the provisions of the PIA.
“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.
“We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100% to the general public.” reads the statement in part.
