NNPC Updates Dangote Petrol Pricing, Oil Marketers React to New Pump Price
- The NNPC has updated its petrol pricing breakdown for the supply sourced from Dangote Refinery
- The new update relates to the charges for reducing regulatory fees and adjusting distribution costs
- The NNPC also maintained its new pump prices for Dangote petrol across its filling stations earlier announced
The Nigerian National Petroleum Company (NNPC) Limited has released an updated breakdown of the estimated price of Premium Motor Spirit, popularly known as petrol, sourced from the Dangote Refinery.
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Legit.ng had earlier reported that NNPC announced a significant adjustment in pump prices across all states after completing the loading of petrol from the Dangote refinery.
The template also includes petrol prices for distribution across its retail outlets nationwide.
However, in an updated statement, NNPCl made adjustments to the pricing framework:
The statement from NNPC reads:
“NNPC Ltd. has released the estimated prices of Premium Motor Spirit (PMS), also known as petrol, sourced from the Dangote Refinery, for distribution at its retail outlets nationwide.
“These prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery, taking into account current international gasoline prices and the prevailing foreign exchange rate, in accordance with the Petroleum Industry Act (PIA) 2021.
“NNPC Ltd. confirms that it is making payments in USD for the September 2024 PMS supply, with Naira payments starting on October 1, 2024.
“We assure Nigerians that any discounts received from Dangote Refinery will be fully passed on to the public.”
Changes to NNPC template
The estimated retail pricing details across the country remained unchanged. However, some aspects of NNPC's transaction analysis with Dangote Refinery were adjusted.
Initially, NNPC's breakdown included a Nigerian Midstream and Downstream Petroleum Regulatory Authority fee of N8.99.
In the revised version, this fee was reduced to N4.495. The initial breakdown also listed an inspection fee of N0.97, a margin fee of N26.48, and a distribution fee of N15.
The inspection and margin fees were eliminated in the updated release, while the distribution fee was adjusted to N42.45.
A new Midstream and Gas Infrastructure Fund fee of N4.495 was also introduced.
Here is how much each state will pay for Dangote petrol
- Borno state – N1,019.22 per litre
- Sokoto state – N999.22 per litre
- Kano state – N999.22 per litre
- Kaduna state – N999.22 per litre
- Federal Capital Territory (FCT) – N992.22 per litre
- Rivers state – N980.22 per litre
- Oyo state – N960.22 per litre
- Lagos state – N950.22 per litre
Oil marketers react to new petrol price
In related developments, the Independent Petroleum Marketers Association of Nigeria raised concerns over petrol pricing from the Dangote refinery.
The marketers urged the NNPC to ensure the product was not sold at a higher price than imported fuel.
According to IPMAN, the pricing strategy for locally refined petrol should reflect the advantages of domestic production, offering Nigerians a more affordable option.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
