The Nigerian National Petroleum Company Limited (NNPCL) has announced that petrol sourced from the Dangote Refinery will be sold for no less than ₦950 per litre in Lagos. 

This was disclosed by the company’s spokesperson, Olufemi Soneye, on Monday in a statement titled *‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing.’* 

In the statement, NNPCL clarified that the price estimates were for Premium Motor Spirit (PMS), commonly referred to as petrol, sourced from the Dangote Refinery for its retail stations nationwide. 

The company emphasized that, as stipulated by the Petroleum Industry Act (PIA), the government no longer sets petrol prices. Instead, the prices are negotiated between the parties involved in an arm’s-length transaction. According to NNPCL, “The NNPC Ltd 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.”

NNPCL also confirmed that it is paying Dangote Refinery in U.S. dollars for the September 2024 offtake of PMS, noting that Naira transactions will begin on October 1st, 2024. 

The company further stated that it would welcome any discounts from the refinery, which would be passed on entirely to the general public. The company assured 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 infographic released by NNPCL revealed the regional price variations for petrol across the country. In Lagos and its surrounding areas, the price will start at ₦950 per litre, while in northern states such as Borno, the price could go as high as ₦1,019 per litre. 

In Abuja, Sokoto, and Kano, petrol will likely be sold for ₦999.22 per litre. For southern states like Oyo and Rivers, the price is expected to be around ₦960 per litre.