September 16, 2024
By Chukwuma KELECHI InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian National Petroleum Company (NNPC) Ltd has unveiled the anticipated retail prices for Premium Motor Spirit (PMS), commonly referred to as petrol, sourced from the Dangote Refinery.
In a release this Monday morning, Sept. 16, the Chief Corporate Communications Officer, NNPC Ltd, Mr. Olufemi Soneye, stated that the anticipated retail prices apply to NNPC’s distribution network across the nation and reflect the current market conditions for September 2024.
The company reiterated that, in accordance with the Petroleum Industry Act (PIA), the pricing of PMS is not subject to government regulation but is instead determined through transparent, arms-length negotiations between market participants.
NNPC Ltd further confirmed that its September 2024 purchase agreement with Dangote Refinery is being executed in US dollars, stressing that transactions denominated in Naira would commence from October 1, 2024. NNPC also emphasized that should any price adjustment or discount be secured from Dangote Refinery, the savings would be fully transferred to consumers without exception.
In its attached estimated pump prices for PMS at NNPC retail stations nationwide, based on September 2024 market data, showed that Lagos gets the lowest rate of N950.22 while stations in Maiduguri are getting supply at the highest cost of N1,019.20 per litre of fuel.
Other states in the South West including Oyo, Ogun, Ondo, Osun, and Kwara are expected to buy at the cost of N960.22 per litre.
For the South East and South South regions, the price is pegged at N980.22 per litre while states in some other parts of the North other than Maiduguri are to pay N999.22 per litre. However, the pricing template does not indicate what petrol stations other than NNPC run filling stations are expected to sell, implying that prices could differ from one station to another depending on market forces of demand and supply.
