Price Estimates from Dangote Refinery Suggest Significant Increase Across Nigeria
The Nigerian National Petroleum Company Limited (NNPCL) has indicated that the price of premium motor spirit (PMS), commonly known as petrol, may rise above N1,000 per litre at its retail stations in the coming weeks.
In a notice released on Monday, NNPC Ltd provided estimated petrol prices based on September 2024 pricing from the Dangote Refinery. The projected pump prices include Lagos at N950 per litre, Sokoto at N992, Oyo at N960, Kano and Kaduna at N999, FCT at N992, Rivers at N980, and Borno at N1,019 per litre.
The company emphasized that petrol prices are not regulated by the government under the Petroleum Industry Act (PIA) but are determined through negotiations between parties.
“NNPC Ltd confirms it is paying Dangote Refinery in USD for September 2024 PMS offtake, with Naira transactions to commence on October 1st, 2024,” the notice stated. The company also assured that any potential discount from Dangote Refinery would be passed on to the public.
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