UPDATE: NNPCL TO SELL DANGOTE PETROL AT N950 PER LITRE IN LAGOS, N1,019 IN BORNO

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The Nigerian National Petroleum Company Limited has said that it will sell the petrol lifted from the Dangote Refinery for nothing less than ₦950 per litre in Lagos.

The NNPCL spokesperson, Olufemi Soneye, disclosed this on Monday, in a statement titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’.

It said, “The NNPC Ltd has released estimated prices of Premium Motor Spirit (PMS), 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 (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arms 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 1st, 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% to the general public.”

The company later shared an infographic, showing that the lowest price for the product would be nothing less than ₦950 in Lagos and its environs.

He explained that the price may go for as high as ₦1,019/litre in places like Borno State, and ₦999.22 in Abuja, Sokoto, Kano, and others.

In Oyo, Rivers and other areas in the South, it will be ₦960 per litre.

It would be recalled that the Dangote Group had disagreed with the NNPCL on Sunday that it was selling PMS at ₦898, but it failed to release its price list.

This is as the loading of the first batch of petrol on Sunday commenced at the Dangote Refinery.

NNPCL spokesman Femi Soneye told Channels Television that 16.8 million litres of petrol have been lifted from the refinery

“We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N1,300 per litre or at N760 is incorrect.

“For this initial loading, the price from the refinery was N898 per litre. I can also confirm, in response to your inquiries, that we will receive 16.8 million litres.

“As of 4 pm Sunday, we have loaded about 70 trucks today and it’s still ongoing,” he said.

Last December, Dangote, Africa’s leading industrialist, commenced operations at his $20bn facility sited in Lagos with 350,000 barrels a day.

The refinery, which was initially bogged by regulatory battles, hopes to achieve its full capacity of 650,000 barrels per day by the end of the year.

The refinery has begun the supply of diesel and aviation fuel to marketers in the country and now petrol.