- NNPCL warns petrol prices may exceed N1,000 per litre, with estimated regional prices including N950 in Lagos and N1,019 in Borno
- The company confirms purchasing petrol from Dangote Refinery at N898 per litre, emphasizing that market forces determine prices
The Nigerian National Petroleum Company Limited (NNPCL) has suggested that the price of premium motor spirit (PMS), commonly known as petrol, could rise above N1,000 per litre at its retail stations.
In a notice released on Monday, NNPCL shared estimated prices for petrol, based on September 2024 pricing from the Dangote Refinery. The anticipated prices across different regions include:
- Lagos: N950 per litre
- Sokoto: N992 per litre
- Oyo: N960 per litre
- Kano: N999 per litre
- Kaduna: N999 per litre
- Federal Capital Territory (FCT): N992 per litre
- Rivers: N980 per litre
- Borno: N1,019 per litre
NNPCL explained that, by the Petroleum Industry Act (PIA), petrol prices are not set by the government but are negotiated directly between the involved parties.
The company confirmed that it is currently paying Dangote Refinery in U.S. dollars for PMS offtake for September 2024, with transactions in Naira expected to begin on October 1, 2024. NNPCL also stated that any potential discounts from Dangote Refinery would be passed entirely to the public.
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