Nigeria – Dangote, NNPC Disagree Over Petrol Price As Fuel To Sell For N1,019 per Litre in Borno, N950 in Lagos

By Onoja Baba, Nigeria

A pricing disagreement has emerged between the Nigerian National Petroleum Company Limited (NNPC) and Dangote Refinery over the cost of Premium Motor Spirit (PMS), commonly known as petrol.

The NNPC has announced that the price of petrol sourced from Dangote Refinery will exceed N1,000 per liter in some northern states.

According to a statement released by NNPC spokesperson Olufemi Soneye on Monday, petrol could sell for as high as N1,019 per liter in Borno State and N999.22 in Abuja, Sokoto, Kano, and other northern regions.

In the southern parts of the country, including Oyo and Rivers states, the price is expected to be N960 per liter, while Lagos and its surrounding areas will see the lowest price at N950 per liter.

The NNPC’s pricing disclosure, detailed in a statement titled “NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing”, explains that the prices are the result of a direct arm’s length negotiation, in line with the Petroleum Industry Act (PIA).

The company clarified that the government no longer sets fuel prices, which are instead negotiated between market players.

Soneye further explained that the latest petrol batch was paid for in U.S. dollars, with naira transactions expected to begin from October 1, 2024.

He also mentioned that any discounts offered by Dangote Refinery would be passed on directly to consumers.

This announcement follows a disagreement between the Dangote Group and the NNPC over petrol pricing.

On Sunday, the Dangote Group had disputed NNPC’s claims that it was selling PMS at N898 per liter, but the refinery has yet to release its own price list to the public.