The Nigerian National Petroleum Company Limited (NNPCL) has announced the new pump prices for Premium Motor Spirit (PMS) across the country following the lifting of petrol from the Dangote Refinery. According to the breakdown, petrol will retail at N950.22 per liter in Lagos, while in Abuja, Sokoto, and Kano, prices are expected to reach N999.22 per liter. Borno State will experience the highest cost, with petrol priced at N1,019.22 per liter.
In addition, states such as Rivers, Bayelsa, Akwa Ibom, and Imo will see petrol retail at N980 per liter, while in Oyo State, the price will be slightly lower at N960.22 per liter. This wide variation in prices is attributed to logistics costs and location differences.
NNPCL spokesperson, Olufemi Soneye, confirmed on Monday that the company has been paying the Dangote Refinery in US Dollars for the September 2024 PMS offtake. He also noted that the pump prices reflect logistics and transportation costs, as the petrol purchased from the refinery was priced at N898.78 per liter.
Soneye clarified that the new pricing structure follows the Petroleum Industry Act (PIA), which removes government control over petrol prices. Instead, prices are now determined through negotiations between companies, and any discounts provided by the Dangote Refinery will be passed on to consumers.
The announcement has sparked reactions across the country, especially after Anthony Chiejina, spokesperson for the Dangote Group, disputed claims about the NNPC’s purchase price of N898 per liter. Despite the disagreement, NNPC has confirmed it began lifting petrol from the Dangote Refinery on Sunday, signaling a new chapter in Nigeria’s fuel distribution system.
