Sopuruchi Onwuka
Retail prices of the premium motor spirit, popularly called petrol, will now average N1000 per liter following new prices released for initial lifting from the new Dangote Refinery in Lagos.
According to the Nigerian National Petroleum Company (NNPC) Limited, petrol obtained from the Dangote Refinery will now sell at between N950.22 per liter in Lagos and N1,019.22 in Borno State.
According to a new template released by the Group Chief Communications Officer of NNPC Limited, Olufemi Soneye, retail prices at the company’s retail sites in other parts of the country ranked in zones fall within this range.
In a chart of estimated pump prices of petrol obtained from the Dangote Refinery across NNPC Retail stations in the country, consumers in the Lagos zone would buy petrol at N950.22 per liter. The chart which is based on September 2024 pricing for a liter of petrol sourced from Dangote Refinery, shows that Oyo State has a price tag of N960.22; Port Harcourt has N980.2; the FCT has N992.22; and Kaduna has N999.22.
Prices for Sokoto, Kano and Borno are N999.22, N999.22 and N1,019.22 per liter of petrol respectively.
Soneye stated that the national oil company has been relieved of responsibility to determine prices of products following the deregulation of the market in line with the provisions of the Petroleum Industry Act (PIA).
“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,” Soneye declared in the statement.
In responding to reported retorts from Dabgote Refinery spokesmen, Soneye stated that NNPC Limited would be glad to lower the prices if Dangote Refinery would give Nigerians any discount.
“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,” he stated.
The Oracle Today reports that there have been fierce altercations between the NNPC Limited and Dangote Refinery and Petrochemical Company Limited over continued importation of petroleum into the country, leading to a political intervention for patronage of the local refinery which NNPC Limited has accused of uncompetitive pricing.
Other market players in the country have also called for dismantling of all monopolies and creation of an open market to allow flexibility of supplies at competitive prices.
