NNPCL Sets New Petrol Prices Nationwide from Dangote Refinery Supply

The expected cost of gasoline for its retail outlets in Lagos and other states, sourced from the Dangote Refinery, has been provided by the Nigerian National Petroleum Company Limited (NNPCL). Olufemi Soneye, the Chief Corporate Communications Officer, stated in a statement that NNPCL will be buying gasoline in dollars for September and will begin selling it in naira in October.

The September 2024 Premium Motor Spirit (PMS) pump price, determined by Dangote Refinery, was disclosed by NNPCL. In accordance with Section 206 (1) of the Petroleum Industry Act, the rates are directly negotiated between parties rather than being established by the government (PIA).

Payments to Dangote Refinery for September’s PMS supply will be made in US dollars; on October 1st, 2024, transactions will switch to Naira. The base price is $690/MT (Platts 10ppm pricing) plus an additional $46 premium, for a total of $736/MT. NNPCL pledges to pass on any savings to customers and welcomes any possible discounts from Dangote Refinery.

The anticipated gas prices for the following states are listed:

Sokoto State: ₦999.22

Kano State: ₦999.22

Kaduna State: ₦999.22

FCT: ₦992.22

Borno State: ₦1,019.22

Oyo State: ₦960.22

Imo State: ₦980.22

Rivers State: ₦980.22

Lagos State: ₦950.22

The NNPCL statement is consistent with a previous statement made by Dangote Refinery, which said that the reason gasoline was sold in dollars was because of the way the current crude supply was paid for; sales in naira will start in October. Dangote Refinery started supplying gasoline to NNPCL after months of waiting, despite early rejections of a set price, and awaiting final pricing agreements with the federal government’s technical subcommittee on Naira-based crude oil sales.