Following the purchase of petrol from Dangote Refinery, NNPC Limited has introduced revised pump prices nationwide, resulting in increased costs for consumers.
The new prices, effective immediately, see petrol selling for N950 per litre in Lagos, N992.22 per litre in Abuja, and N1,019.22 per litre in Borno.
NNPC in a statement clarified that it purchased the product from Dangote Refinery at N898 per litre and invited anyone with conflicting figures to make them public.
The corporation emphasized that, as stipulated in the Petroleum Industry Act, PIA, petrol prices are negotiated directly between parties and not set by the government.
Additionally, NNPC revealed that it pays Dangote Refinery in USD for September 2024 PMS offtake, with Naira transactions commencing on October 1st, 2024.
Read Also: Fuel Loading Begins at Dangote Refinery (VIDEO)
The corporation assured that any disputed pricing would be reconciled, and potential discounts from Dangote Refinery would be fully passed on to the public.
The statement reads: “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.
“Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations the country, based on September 2024 pricing”.
