NNPCL announces new prices of N950, N1,019 per litre of petrol in Nigeria
*Dangote is vindicated on statement of price determination by govt - Analyst
By KEMI KASUMU
By the development, analysts noted that the price Dangote Refinery sold the refined product was indicative that it bought crude oil at expensively international market price in dollar from NNPCL and could not be expected to sell its PMS cheaper.
Dangote Refinery is vindicated as the Nigeria National Petroleum Company Limited (NNPCL) revealed the new price of petrol across all states of the federation.
It will be recalled that after Sunday September 15, 2024 celebrative announcement by the NNPCL, which said had successfully commenced lifting of petrol from Dangote Refinery but that it bought the product at N898 per litre, the oil refinery countered the announcement on pricing.
Dangote, in our earlier report titled “We sold PMS to you in Dollar not Naira”, had countered the NNPCL which had been ordered by the Minister of Petroleum and President of the country Bola Tinubu not only to sell crude to the refinery but also do it in Naira.
By the development, analysts noted that the price Dangote Refinery sold the refined product was indicative that it bought crude oil at expensively international market price in dollar from NNPCL and could not be expected to sell its PMS cheaper.
This was as Dangote asked Nigerians to disregard the NNPCL’s claim saying they should await announcement of new price its petrol will sell by government.
In a statement released on Monday, titled “NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing,” the government-controlled oil services company, NNPCL spokesperson, Olufemi Soneye, outlined the pricing structure.
According to the statement, the price of petrol could reach N1,019 per litre in Borno State, while it will be priced at N999.22 per litre in Abuja, Sokoto, Kano, and other northern states.
In contrast, consumers in the South will face somewhat lower prices, with petrol priced at N960 per litre in Oyo, Rivers, and other southern regions.
The lowest price of N950 per litre will be available in Lagos and its surrounding areas.
This pricing disparity highlights the logistical and distribution challenges faced by the NNPCL, affecting fuel costs across different regions.
He stated, “The NNPC Ltd has released estimated prices of Premium Motor Spirit, also known as petrol (obtained from the Dangote Refinery) in its retail stations across the country.
“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act, PMS prices are not set by the government, but negotiated directly between parties at an arm’s length.
“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 1, 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 per cent to the general public.”
He stated that the estimated pump prices of PMS were obtained from the Dangote Refinery and will be across NNPC retail stations in the country, based on September 2024 pricing.
Recall that the Dangote Group had disagreed with the NNPC on Sunday that it was selling PMS at N898, but it failed to release its price list.
