The Nigerian National Petroleum Corporation (NNPC) Ltd has disclosed the estimated pump prices of Premium Motor Spirit (PMS), commonly known as petrol, sourced from the Dangote Refinery, to be sold across its retail stations nationwide for September 2024.
In a statement signed by the Chief Corporate Communications Officer, Olufemi Soneye, NNPC Ltd emphasized that, in compliance with the Petroleum Industry Act (PIA), the prices of PMS are no longer set by the government but are negotiated directly between stakeholders on an arm’s length basis.
NNPC further revealed that for the month of September, payment for PMS procured from Dangote Refinery is being made in US dollars, as local currency (Naira) transactions will commence on the 1st of October 2024. NNPC also assured the public that should there be any price dispute, it would fully pass on any discounts received from Dangote Refinery to consumers.
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According to the NNPC Ltd’s breakdown, the estimated pump price for PMS in Lagos is pegged at ₦950.22 per liter. Other states are expected to have slightly higher prices, with Kaduna and Kano states estimated at ₦999.22 per liter, while Borno state will see the highest estimated price at ₦1,019.22 per liter.
Here is a summary of the estimated prices:
– Lagos State: ₦950.22
– Oyo and Rivers States: ₦960.22
– Kaduna and Kano States: ₦999.22
– Borno State: ₦1,019.22
These prices reflect key factors such as distribution costs, fees, and margins. NNPC noted that pricing was based on Platts10ppm FOB AR Barge pricing with an additional $46 premium per metric ton, resulting in a base gantry price of ₦898.78 per liter.
The NNPC Ltd reiterated that it is committed to ensuring transparency in pricing and passing any cost benefits to Nigerian consumers, in line with its mandate to optimize fuel supply.
