News

Dangote Petrol to Hit N950 per Litre in Lagos: NNPC Reveals Pricing Details

Published by Tope Fakinlede on September 16th, 2024.

Dangote Petrol to Hit N950 per Litre in Lagos: NNPC Reveals Pricing Details

Aliko Dangote

The Nigerian National Petroleum Company Limited (NNPCL) has announced that petrol from the Dangote Refinery will be sold at approximately N950 per litre in Lagos. The price is expected to be higher in other regions of the country.

NNPCL spokesperson Olufemi Soneye revealed this information on Monday in a statement titled, “NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing.” According to the NNPCL’s infographic, the price in Lagos and surrounding areas will be the lowest at N950 per litre.

The statement clarified that, as per the Petroleum Industry Act, the government does not set PMS prices. Instead, these are negotiated directly between parties. NNPCL confirmed that it will be making payments to Dangote Refinery in USD for September 2024 petrol offtake, with naira transactions set to start on October 1, 2024.

The NNPCL also stated that if there are any disputes over the pricing, they would welcome discounts from the Dangote Refinery, which would be fully passed on to consumers.

Previously, the Dangote Group had contested NNPCL’s claim that the petrol was being sold at N898 per litre, but it did not provide its own pricing details.