By Adebisi Fathiu Gbolahun(SIWES Student, Kwara State Polytechnic)
LAGOS — Hopes for a reduction in petrol prices, following the supply from Dangote Refinery, were dashed as NNPC Limited announced a new pricing structure, raising the pump price by 11 percent to N950 per litre.
Just two weeks ago, petrol prices soared by over 45 percent, in anticipation of output from the refinery.
However, pricing disputes between NNPC and Dangote Refinery have surfaced, with NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, confirming that Dangote’s petrol will not be cheaper.
According to a document titled Estimated Pump Price Based on Dangote Refinery September 2024 PMS Supply, the base price of petrol from the refinery is N898 per litre.
Additional charges, including a Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee of N4.495, a Midstream and Gas Infrastructure Fund (MDGIF) charge of N4.495, and logistics costs of N42.45, bring the final price in Lagos to N950.22 per litre, up from the previous N855.
Nationwide, NNPC has adjusted prices at its stations, with Abuja now priced at N992.22 per litre, up from N897. Prices in Kaduna, Kano, and Sokoto have also increased to N992.22, while Borno residents will face the highest cost at N1,019 per litre. Port Harcourt and Imo residents will see a pump price of N980.22 per litre.
NNPC emphasized that it received the product from Dangote at N898 per litre and encouraged anyone with different figures to present them. It also stressed that, according to the Petroleum Industry Act (PIA), PMS prices are negotiated between the parties involved, not set by the government.
NNPC Ltd confirmed it is paying Dangote Refinery in dollars for the September 2024 PMS offtake, with Naira transactions expected to begin on October 1, 2024.
The company further stated that any discounts from Dangote Refinery would be passed directly to the public.
