The Nigerian National Petroleum Company (NNPC) has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol, obtained from the Dangote Refinery in its retail stations across the country.
In a statement signed by its Chief Corporate Communications Officer, Olufemi Soneye, on September 16, 2024, the NNPC Ltd stated that thePMS prices are not set by the government, but negotiated directly between parties on an arm’s length in line with the provisions of the Petroleum Industry Act (PIA).
The NNPC Ltd also admitted to paying Dangote Refinery in USD for the September 2024 PMS offtake, as Naira transactions will only commence on October 1, 2024.
Speaking on the retail prices, the NNPC said, “As we strive to provide you with the quality service for which we are known, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics. We have adjusted our pump prices of PMS across our retail outlets, in line with current market realities.”
The NNPC Ltd added that if the quoted pricing is disputed, it would appreciate any discount from the Dangote Refinery, which would be shared with the public.
PMS retail price across Nigerian states
The retail pricing template provides for a slight premium on the average base price, and thus affects pricing across all states depending on the distance of the supply routes.
The petrol prices for are listed below;
- Sokoto State: ₦999.22
- Kano State: ₦999.22
- Kaduna State: ₦999.22
- FCT: ₦992.22
- Borno State: ₦1,019.22
- Oyo State: ₦960.22
- Imo State: ₦980.22
- Rivers State: ₦980.22
- Lagos State: ₦950.22
The NNPC’s recent adjustment has significantly increased petrol prices. Prior to sourcing PMS from Nigeria’s Dangote refineries, prices at NNPC stations ranged from ₦855 to ₦897 per litre, sharply contrasting with the previous prices of imported fuel, which sold at ₦580 to ₦620 per litre.
