The Nigerian National Petroleum Company Limited (NNPC) has revealed new petrol prices for September 2024, sourced from the Dangote Refinery. The highest price of N1,019 per litre will be in Borno State, with Lagos set at the lowest price of N950 per litre.
In a statement released by NNPC spokesperson Olufemi Soneye on Monday, the company outlined regional differences in the pump prices of Premium Motor Spirit (PMS). Northern regions like Abuja, Sokoto, and Kano will see prices of N999.22 per litre, while southern areas such as Rivers and Oyo will have prices around N960 per litre. Lagos and its surrounding areas will enjoy the lowest rate at N950 per litre.
Soneye explained that the prices reflect market conditions, in line with the Petroleum Industry Act, and are not directly set by the government. “Prices are negotiated between parties at arm’s length,” he stated, underscoring the role of market dynamics in determining the rates.
The NNPC also clarified that for September, it is paying the Dangote Refinery in U.S. dollars for the petrol supply, with naira-based transactions expected to commence on October 1, 2024. Soneye further assured that any discounts offered by the Dangote Refinery would be passed down to consumers in full.
The announcement follows a recent disagreement between the Dangote Group and NNPC over pricing. The Dangote Group had disputed NNPC’s claim that it was selling PMS at N898 per litre but did not release its official price list.
The NNPC emphasized that the newly announced prices reflect the cost of obtaining petrol from the Dangote Refinery and will be applicable across all NNPC retail outlets nationwide.
