Dons EzeOUR PETROL IS 15% CHEAPER THAN IMPORTED FUEL – DANGOTE
:OUR PETROL IS 15% CHEAPER THAN IMPORTED FUEL – DANGOTE President of Dangote Group and Africa’s richest man has said that the price of Dangote Refinery’s petrol is 15 percent cheaper than the ones imported by the Nigerian National Petroleum Company Limited. The billionaire disclosed this in an interview with Bloomberg Television on Monday. His comments were weeks after NNPCL disclosed that it bought petrol from Dangote Refinery at N898 per liter upon lifting the company’s locally made petrol on September 15, 2024. The development had led to NNPCL’s announcement of new petrol price which rose to between N950 and N1,100 across filling stations in the country. The petrol price controversy between NNPCL and Dangote Refinery had created confusion in the oil and gas sector more than a week ago. However, Dangote clarified that at the time NNPCL bought its petrol, the state-owned oil firm also imported about 800,000 metric tons of imported gasoline, insisting that his product was cheaper than the one imported. According to him, the petrol NNPCL announced that it bought Dangote Petrol was not the real price but the cost after the company had added profit and other expenses. He stressed that Nigerians do not know how much NNPCL spent on importing petrol, noting that it was 15 percent more expensive than Dangote Petrol. “There wasn’t a disagreement, per se. NNPC bought from us on the 15th of September at the international price, which they also bought, about 800,000 metric tons of gasoline imported. “So the one that they bought from us is cheaper than the one they are importing. “And so when they announced our price, the guy, I don’t know whether he was authorized. It wasn’t the real price. What they have announced is most likely what it cost them, including profit and other expenses. “And then the other one is one that they imported. But the people don’t know how much they spend in terms of imports, but their importation is almost, maybe about 15 percent more expensive than ours, you know. “So what they are supposed to do is to sell at a basket price, or if they want to remove subsidy, they can announce that they will remove subsidy, which is okay, everybody you know, will adjust it.” Dangote had earlier stated that the Nigerian Government should completely remove fuel subsidy. Meanwhile, recall that petrol marketers had disclosed that they bought NNPCL’s imported petrol at an average of N870 per liter.
ANOTHER HIKE IN ELECTRICITY TARIFF LOOMING
ANOTHER HIKE IN ELECTRICITY TARIFF LOOMING Another electricity tariff hike may be introduced in October 2024 by the Nigerian Government as the country’s monthly power subsidy rose to N181,63 billion in September. This comes as the electricity subsidy by the Federal Government rose to N181,63 billion in September from N102.30 billion in May. In the last three months, the government paid N163.87 billion in July, N173.88bn in August, and N181.63bn in September 2024. This comes after the Nigerian Electricity Regulatory Commission announced the removal of subsidies in areas categorized as Band A feeders on April 3, 2024. NERC had revealed that the monthly electricity subsidy at that time stood at N140.7 billion. Consequently, NERC approved an electricity tariff hike for electricity consumers enjoying at least 20 hours of electricity daily, raising their tariff to N225 per kilowatt-hour. However, the decision generated serious outcries among Nigerians, including labour unions, educational and health institutions, whose electricity bills tripled following the removal of the subsidy. In May when the subsidy figure dropped to N102.30 billion, the government slashed the Band A tariff to N206.80/kWh. NERC said the reason for the reduction was due to a fall in the exchange rate of the Dollar to the Naira. However, the tariff was jerked to N209/kWh in early July as the subsidy rose again to N158 billion in June. Accordingly, in the period under review, the NERC put the dollar exchange rate at N1,494.1 in July; 1,564.3 in August; and N1601.5 in September. As of September, the NERC maintains the benchmark gas-to-power price of $2.42/Million British Thermal Units based on the established benchmark price of gas-to-power by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in line with Section 167 of the Petroleum Industry Act 2021. This indicates the rising cost of power generation in Nigeria. The development coupled with the country’s inflation rate which stood at 32.15 percent in August 2024 had fueled speculations that there may be another tariff increase in the October Multi-Year Tariff Order unless the cost of power generation drops. https://dailypost.ng/2024/09/23/fresh-electricity-tariff-hike-looms-as-nigerias-monthly-power-subsidy-hits-n181-63bn/2 Likes 1 Share Re: Fresh Electricity Tariff Hike Looms, Nigeria’s Monthly Power Subsidy Hits N181.B by Lanretoye(m): 10:22amThe only thing that will save this country is the fall of the exchange rate,everyone is paying heavily for tinubu’s goof and no relief in sigh.52 Likes 3 Shares Re: Fresh Electricity Tariff Hike Looms, Nigeria’s Monthly Power Subsidy Hits N181.B by Irite: 10:25amWhat a time. On top the current Hart time1 Like Re: Fresh Electricity Tariff Hike Looms, Nigeria’s Monthly Power Subsidy Hits N181.B by nedu666: 10:26amTinubu has done his worse. All these threats of more poverty doesn’t move us anymore. If he likes he can introduce air you breathe tax32 Likes 1 Share Re: Fresh Electricity Tariff Hike Looms, Nigeria’s Monthly Power Subsidy Hits N181.B by TinkTwice(m): 10:26amgrin It’s high time I went back to my villageAtleast ,I’ll have sticks and palmchaff to light up my canada8 Likes Re: Fresh Electricity Tariff Hike Looms, Nigeria’s Monthly Power Subsidy Hits N181.B by iwaeda: 10:29amogododo:Another electricity tariff hike may be introduced in October 2024 by the Nigerian Government as the country’s monthly power subsidy rose to N181,63 billion in September. This comes as the electricity subsidy by the Federal Government rose to N181,63 billion in September from N102.30 billion in May. In the last three months, the government paid N163.87 billion in July, N173.88bn in August, and N181.63bn in September 2024. This comes after the Nigerian Electricity Regulatory Commission announced the removal of subsidies in areas categorized as Band A feeders on April 3, 2024. NERC had revealed that the monthly electricity subsidy at that time stood at N140.7 billion. Consequently, NERC approved an electricity tariff hike for electricity consumers enjoying at least 20 hours of…
HIGH PETROL PRICE HAS WIPED OUT N70,000 MINIMUM WAGE – NLC
HIGH PETROL PRICE HAS WIPE OUT N70,000 MINIMUM WAGE – NLC The Nigeria Labour Congress (NLC) has raised concerns that the current price of Premium Motor Spirit, popularly known as petrol has eroded the benefits of the proposed N70,000 new national minimum wage, which is yet to be implemented. NLC President Joe Ajaero made this statement during a two-day workshop in Lagos, emphasising the urgent need for the government to address the impact of rising fuel costs on workers’ lives. Ajaero accused President Bola Tinubu of misleading organised labour into accepting the minimum wage with the promise of stabilising petrol prices. He stressed the dire conditions many Nigerians are facing, advising the government to tackle the widespread hunger, poverty, and frustration before the situation worsens. Reflecting on prior discussions with Tinubu, Ajaero stated, “We were betrayed by Mr President,” reiterating that the administration has denied their claims of betrayal. He recounted how the president had positioned them against a choice between a N250,000 minimum wage and increasing petrol prices, leading to a one-week adjournment for further consultations. He argued that even a N250,000 wage would be insufficient if fuel prices continue to rise, stating, “In fact, that N250,000 may not be enough to even buy fuel.” The union president also highlighted the government’s proposal to fund a trip to West African countries to investigate their fuel pricing, insisting that the government should instead focus on curbing smuggling at the borders. He said, “Mr President equally offered to fund our trip to tour some West African countries, where the least price of petrol is selling at N1,700. He even said in Cameroon, they are selling N2000 and that none of them has a refinery but they are getting their products from Nigeria. “We responded by telling him to check the borders because that is why they are smuggling those products to those countries. We equally said no because Nigerians will say they have given us money; they won’t say it’s money for us to visit those West African states.” Ajaero said at the adjourned meeting, the labour union made it clear that their priority was not negotiating petrol prices but rather ensuring the implementation of the minimum wage. He acknowledged the challenges from private sector employers during the discussions, noting their resistance to wage increases and the need for solidarity among labour representatives. The NLC president also noted that there are plans for the union to meet next Thursday with the federal government on how workers could survive the recent hike in the pump price of petrol.
REFINERS ANGRY AS MARKETERS DUMP DANGOTE REFINERY FOR IMPORTED FUEL
REFINERS ANGRY AS MARKETERS DUMP DANGOTE REFINERY FOR IMPORTED FUEL Crude Oil Refiners Association of Nigeria has kicked against a move by petroleum marketers to import Premium Motor Spirit (Petrol) despite the availability of Dangote Refinery Petrol. Publicity Secretary of CORAN, Eche Idoko, made this known in a statement condemning the move. His comments come as a report emerged that 141 million liters of PMS are being conveyed to Nigeria by oil vessels following the full deregulation of the downstream oil sector by the Federal Government. Recall that the Nigerian National Petroleum Company on Monday announced a fresh price list for its retail outlets nationwide upon the lifting of Dangote Petrol. According to the NNPCL, the price adjustments will see petrol sold between N950 to N1,019.22 per liter depending on the location. This comes after NNPCL trucks successfully lifted Petrol from Dangote Refinery on Sunday. The development had created a price controversy between Dangote Refinery and NNPC. NNPC had insisted that it bought Dangote Petrol at a per liter pump price of N898, but the 650,000 barrels per day Lagos-based refinery had disagreed with the state-owned firm. However, in the latest move, petrol marketers, who seemed unsatisfied with the price regime of Dangote Refinery, had to consider the importation of petrol. Reacting to the development, CORAN alleged that some imported petrol was substandard and was blended in Malta or Togo. “So I would assure you this regime will pay them way better than the regime of importing petroleum products, where they sell to us, substandard products blended in Malta or Togo and imported into our country,” Idoko stated. He called for backward integration, saying some were afraid that Dangote would become a monopoly. “The fear marketers are having is that Dangote will become a monopoly, but that has been taken care of by Dangote subscribing to our association. “With the Petroleum Industry Act in place and all the agencies in play, there is no way that Dangote can become a monopoly”, he said. Earlier, the Nigerian Midstream and Downstream Petroleum Regulatory Authority had declared that imported petrol would be subjected to three tests before being allowed to be sold across the country. NMDPRA spokesperson, George Ene-Ita, disclosed this amid petrol import concerns. He stressed that marketers with import licenses were free to import PMS but noted that the products must be subjected to three major tests by the agency. The President of Dangote Group, Aliko Dangote had earlier in May 2024 stated that the commencement of his refinery will end fuel importation in Nigeria.
DANGOTE REFINERY: OUR HOPE DASHED -NIGERIANS
DANGOTE REFINERY: OUR HOPE DASHED – NIGERIANS Despite the rollout of premium motor spirit (PMS) otherwise known as petrol from the Dangote Refinery on Sunday, Nigerians have expressed disappointment over the high price of fuel.They said their hope on the refinery for a reduced fuel price after recent increment of pump price was dashed with the price sold to the Nigerian National Petroleum Company Limited (NNPCL).Daily Trust reports that the first set of PMS from Dangote refinery hit the market on Sunday as promised by the federal government.However, many Nigerians who had anticipated a lesser price compared to the present market price of between N855 and N950 were jolted when the NNPCL released a price template for the stock received from the refinery.By implication, the price of Dangote PMS is over N100 costlier than the existing market price from NNPC retail stations and other major stations.Nigerians express disappointmentMany Nigerians who spoke with Daily Trust expressed their concerns over the pricing of petrol from Dangote refinery.A survey conducted by Daily Trust also indicated that 76 per cent of Nigerians are disappointed over the price of Dangote fuel.Israel Ibok, a Lagos resident, said his expectation of a reduced fuel price from Dangote has been dashed, wondering why it is so when Dangote refinery sources its crude from Nigeria.“We thought that the price of petrol would go down and be a bit moderate when Dangote starts selling,” he said.However, he asserted that Dangote refinery being a private-owned business could not be driven by emotional sentiments, rather on profit-making, urging the federal government to support with incentives that may reduce the cost of production.“But we know the Dangote refinery was set up for business, so I did not expect much difference because it is a private business. It’s just God that can help us because the masses are suffering but I believe the federal government can come into this and put reforms in place, maybe subside to Dangote so that the PMS price and other crude oil by products should not be sold at a higher rate.“We should not buy fuel at the same price as other countries, which do not have crude oil and are buying. Ours should be a bit cheaper because this is where the production is taking place,” he added.Paul Oyewusi exonerated Dangote refinery for the increase in the price of fuel, citing the country’s unstable economy as a dominant force to determine price.KadunaIn Kaduna, Adamu Hassan, a local guard expressed disappointment over the price announced by NNPCL, saying they just don’t want Nigerians to benefit from the local refinery belonging to Dangote.He questioned why NNPCL cannot allow the Dangote refinery to determine the price of its products and why they insist on buying from the private company.Another Kaduna resident, Ibrahima Yakubu, described the situation as hope in vain, saying Nigerians, and he in particular, are disappointed with NNPCL and their cartel in the industry, which is working hard to ensure that Nigerians do not enjoy the Dangote refinery fuel.“Honestly, I’m disappointed because we were all hoping that when Dangote starts selling, fuel prices and foodstuff prices would reduce. But it seems that NNPCL is not happy with the Dangote company,” he said.BenueIn Benue State, residents expressed disappointment with the skyrocketing increase of premium motor spirit (PMS), describing the situation as unbearable.Angel Torkuma, a resident of Makurdi, said the sufferings of Nigerians had reached its crescendo in recent times with the uncontrolled hike in petrol price with its attendant effect on food items at various markets in the state.“I don’t want to believe we have a government in this nation watching the suffering of Nigerians. Nigerians don’t deserve this and certainly not what we voted for in the 2023 general election. It’s still…
OPEC BLAMES HIGH FUEL PRICES IN NIGERIA ON GOVT IMPOSED TAXES
OPEC BLAMES HIGH FUEL PRICES IN NIGERIA ON GOVT IMPOSED TAXES Nigeria’s fuel price hike has sparked widespread concerns, with many pointing fingers at oil producers, particularly local operators like Dangote Refinery. However, OPEC Secretary General, Haitham Al Ghais, has set the record straight, revealing that the real reasons behind high fuel prices lie elsewhere—primarily in taxes imposed by governments, including those of major oil-consuming nations. In an article published on Tuesday, Al Ghais explained that crude oil and its derivatives form the backbone of global industries, powering everything from transportation to pharmaceuticals. While many assume that rising oil prices directly benefit oil producers at the expense of consumers, the OPEC chief debunked this myth, noting that oil-producing nations are not the primary beneficiaries of retail fuel sales. “Revenues are often generated, but they are predominantly earned by major oil-consuming countries through taxation,” Al Ghais highlighted. The Secretary General emphasized that countries within the OECD (Organisation for Economic Co-operation and Development) earn substantially more from the retail sale of petroleum products than OPEC member countries make from the sale of crude oil itself. Between 2019 and 2023, OECD nations earned approximately $1.915 trillion more annually than OPEC nations from petroleum products. In 2023 alone, taxes accounted for around 44% of the final retail price of petroleum products in OECD countries, and in certain European countries, this figure exceeded 50%. For Nigerian consumers, this highlights that the high cost of fuel at the pump is not merely a reflection of crude oil prices or refinery margins. Instead, a significant portion of what consumers pay is directed towards government taxes. “It is important to recognize that the price paid by consumers at the pump is determined by multiple factors, including crude oil prices, refining, transportation, and, notably, taxes,” Al Ghais pointed out.
FUEL PRICE HIKE: MARKETERS GIVE CONDITIONS TO BUY DANGOTE PETROL, EYE IMPORT
FUEL PRICE HIKE: MARKETERS GIVE CONDITIONS TO BUY DANGOTE PETROL, EYE IMPORT Petroleum marketers in Nigeria say they are standing in limbo over the controversy surrounding Dangote Refinery Premium Motor Spirit (petrol) pricing as released by the Nigerian National Petroleum Company Limited on Monday. This comes as the petroleum marketers demanded that Dangote Refinery should disclose the price it sold petrol to NNPCL for transparency. Marketers further noted that the country cannot depend on domestic Petrol production to satisfy its daily consumption which stood at N50 million according to Nigerian Midstream and Downstream Petroleum Regulatory Authority latest data. The President of the Petroleum Products Retail Outlets Owners Association, PETROAN, Billy Gillis-Harry and the President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi made this demand in a separate interview with DAILY POST on Monday. Fresh petrol price hike looms Recall that NNPCL on Monday announced a list of retail prices of Dangote Petrol across its outlets nationwide. The new petrol prices showed that petrol will be sold at N950.22 per liter in Lagos State. Oyo and other South West states will pay N960 per liter for Petrol. In Federal Capital Territory (Abuja), Kano, Kaduna petrol price will stand at N999.22 per litre. Also in Imo and Rivers states, the price of petrol will be N980.2, while Borno State will pay N1,019.22 per litre. Although DAILY POST gathered on Monday that the new prices have not been affected, the pump price of fuel may soon go up across the country. Meanwhile, DAILY POST observed that NNPCL is yet to announce the price it would sell Dangote Refinery Petrol to marketers, owners of a majority of fillings stations in Nigeria. The pump price of petrol at Independent marketers’ filling stations usually surpasses that of NNPCL retail outlets by over N100, which may bring the price of fuel to around N1,200 per liter. Dangote Petrol Price Controversy Dangote Refinery commenced first distribution of Petrol at the weekend with NNPCL as an official offtaker. NNPCL had revealed that Dangote Refinery sold petrol to them at N898 per liter. However, Dangote Group faulted NNPCL, but did not disclose the actual price it sold its inaugural petrol. The development resulted in a petrol price controversy which further worsened the crisis in the sector. Why Dangote Refinery should tell Marketers petrol price – Gillis-Harry Reacting, PETROAN president, Gillis-Harry called for absolute transparency in the oil and gas sector. According to him, the Dangote Refinery needs to come open to stakeholders on the exact price of its petrol as a prerequisite for marketers to purchase the product. “Dangote Refinery should tell us what price it is selling its petrol since NNPCL has given its selling price. “We should be able to know exactly what price that is coming from Dangote Refinery Petrol to us. We should know how NNPCL will deal with us. As it is now, we are standing in limbo”, he told DAILY POST. NNPCL yet to release Dangote Petrol price for Marketers – IPMAN On his part, IPMAN president, Maigandi said he is waiting for the NNPCL to release the prices it would sell Dangote Petrol to marketers. He expressed displeasure with the scheme of things within the sector over the conflicting petrol pricing coming from Dangote Refinery and NNPCL. “We are waiting for NNPCL to release prices that independent marketers will be buying petrol. They have not. “We are buying directly from NNPCL, not Dangote Refinery. Marketers can cope without any rate. “We, marketers, are not happy with the high cost of petrol because you have to use a huge amount of money to get the product. “Dangote Refinery has established its facility, let the government try to make the other refineries function, this may…
HOPE DASHED AS FUEL FROM DANGOTE REFINERY COSTS MORE THAN IMPORTED ONE
HOPE DASHED AS FUEL FROM DANGOTE REFINERY COSTS MORE THAN IMPORTED ONEAs news broke that the Dangote Refinery had reached agreement to sell petrol to the Nigerian National Petroleum Company Limited (NNPCl), Nigerians began feeling excited and hoping that gasoline prices would drop in the country.However, that hope was dashed on Sunday when the NNPCL announced that it bought petrol from the Dangote Refinery at over N898 per litre.The Gantry price per ton at the refinery was quoted to be $736 which is equivalent of $0.55 per litre. At the official exchange rate of N1,637.59 to one dollar, the NNPCL said the cost of one litre of petrol stands at N898.78.For each litre of petrol, NNPCL said apart from landing cost from refineries, there are statutory and regulatory charges suppliers must pay. Those charges include NMDPRA fee, N8.99; inspection fee, N0.97; distribution cost (Lagos) N15.00; and profit margin, N26.48. They must be added to the product’s landing cost to determine the pump price of petrol.With all charges computed, the pump price of petrol in Lagos is estimated to be N950.22 per litre.Dangote RefineryThe state oil company said once freighting and other statutory costs are added, the product would cost more at the pumps – going for N950.22 per litre in Lagos, N980.22 in Rivers, and N992.22 in Abuja.These prices are much higher than the current pump prices at NNPCL stations across Nigeria which sell between N855 and N897 per litre. Before the price adjustment in early September, NNPCL was selling the product between N580 and N620 per litre. The cargoes petrol sold at those prices were imported.The NNPCL said as consignments from Dangote Refinery are discharged in fueling stations across the country, petrol would now sell for N999.22 per litre at its stations in Nigeria’s North-western geopolitical zone while in Borno and other North-eastern states, the product would cost an estimated N1,019 per litre.In Nigeria’s South-east, petrol would cost N980.22 while consumers in South-west states (Oyo, Ogun, Ekiti, Osun, Ondo) would pay N960.22 per litre for the product.The variation in prices is attributed to transportation costs and distribution challenges faced by different regions.Since the NNPCL is for now the sole off-taker of petrol from the Dangote Refinery and would sell the product to other marketers, this development indicates that the marketers would buy from the NNPCL for at least N950 (in Lagos where the Dangote Refinery is located). The costs would be much higher in other parts of the country.Already, many independent marketers across Nigeria sell the product above N1,000 per litre.Audience SurveyOn Sunday, the Dangote Refinery disputed the disclosure by the NNCPL that petrol sold for N898 at its facility. But the refinery failed to disclose the price at which it sold the product to the NNPCL.When contacted by PREMIUM TIMES on Sunday night, Anthony Chiejina, the company’s spokesperson promised to revert with the requested information. He has yet to do so as of 4: 00 pm on Monday.But in a counter-statement, the NNPCL insisted it bought the product for over N898 per litre but would be grateful for any discount from the Dangote Refinery that can be passed 100 per cent to the general public.NNPCL’s estimates of petrol pump prices across Nigeria following the lifting of the product from Dangote RefineryNNPCL’s estimates of petrol pump prices across Nigeria following the lifting of the product from Dangote RefineryOil and gas experts told PREMIUM TIMES that Nigerians should not expect the price of petrol to be lower just because it is refined in the country, as market forces would continue to determine prices.The Dangote Refinery also did not promise cheaper petrol. In a recent interview with BBC Hausa, Aliko Dangote, president of the Dangote Group, said due to the high cost of the…
IT MAKES NO SENSE TO SELL DANGOTE PETROL HIGHER THAN IMPORTED ONE – IPMAN
IT MAKES NO SENSE TO SELL DANGOTE PETROL HIGHER THAN IMPORTED ONE – IPMAN The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it doesn’t make sense for the Nigerian National Petroleum Company Limited (NNPCL) to sell petrol lifted from the Dangote Refinery higher than imported ones. IPMAN National Welfare Officer, John Kekeocha, stated this on Channels Television’s The Morning Brief breakfast programme on Monday. “If NNPC can sell Dangote products higher than the imported products then it doesn’t make sense. What is the celebration we are having all these while then?” he queried.The NNPCL began loading the first batch of petrol from the Dangote Refinery on Sunday, saying it got petrol at N898 per litre from the private refinery. Before lifting petrol from the Dangote Refinery on Sunday, NNPCL retail outlets in Lagos sell petrol for around N855 but said a litre of Dangote petrol now sell for N950 per litre in Lagos and N1,019 in Borno.However, Dangote Refinery denied selling petrol to the NNPCL at N898. A spokesman for the refinery Anthony Chiejina in a statement late Sunday described the claim by the NNPCL as “misleading and mischievous”. “It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature,” Chiejina said. NNPCL insisted that it got petrol from Dangote Refinery at N898 per litre and challenged the latter to release the price it sold petrol. The NNPCL further released a breakdown of pricing it sell Dangote petrol at its filling stations across the country. Last December, Dangote, Africa’s leading industrialist, commenced operations at his $20bn facility sited in Lagos with 350,000 barrels a day.The refinery, which was initially bogged by regulatory battles, hopes to achieve its full capacity of 650,000 barrels per day by the end of the year. The refinery has begun the supply of diesel and aviation fuel to marketers in the country and now petrol. Nigeria, Africa’s most populous nation, faces energy challenges, with all its state-owned refineries non-operational. The country is heavily reliant on imported refined petroleum products, with the state-run NNPC being the major importer of the essential commodities. Fuel queues are commonplace in the country. Prices of petrol tripled since the removal of subsidy in May 2023, from around ₦200/litre to over ₦1000/litre, compounding the woes of the citizens who power their vehicles, and generating sets with petrol, no thanks to decades-long epileptic electricity supply.
NNPC REVEALS PRICES OF PETROL FROM DANGOTE REFINERY
NNPC REVEALS PRICES OF PETROL FROM DANGOTE REFINERY The Nigerian National Petroleum Company Limited has said that it will sell the petrol lifted from the Dangote Refinery at a price above N1,000 per litre in the far north. The NNPC spokesperson, Olufemi Soneye, disclosed this on Monday, in a statement titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’. Soneye explained that the price may go for as high as N1,019/litre in places like Borno State, and N999.22 in Abuja, Sokoto, Kano, and others. In Oyo, Rivers and other areas in the South, it will be N960 per litre. The lowest price, according to an infographic released by the NNPC, is N950 in Lagos and its environs. “The NNPC Ltd has released estimated prices of Premium Motor Spirit, also known as petrol (obtained from the Dangote Refinery) in its retail stations across the country. “The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act, PMS prices are not set by the government, but negotiated directly between parties at an arm’s length,” he stated. The company explained that the product it loaded on Sunday was paid for in dollars. “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 1, 2024. “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 per cent to the general public,” the statement added. He stated that the estimated pump prices of PMS were obtained from the Dangote Refinery and will be across NNPC retail stations in the country, based on September 2024 pricing. Recall that the Dangote Group had disagreed with the NNPC on Sunday that it was selling PMS at N898, but it failed to release its price list.