NNPC issues fresh estimated petrol price breakdown

The Nigerian National Petroleum Company (NNPC) Limited has released an updated breakdown of the estimated price of petrol purchased from the Dangote Refinery. On Monday morning, the NNPC provided a chart detailing the refined petrol it acquired from the refinery on Sunday. Payments for the September 2024 petrol supply, according to NNPC, are being made […]

The Nigerian National Petroleum Company (NNPC) Limited has released an updated breakdown of the estimated price of petrol purchased from the Dangote Refinery.

On Monday morning, the NNPC provided a chart detailing the refined petrol it acquired from the refinery on Sunday.

Payments for the September 2024 petrol supply, according to NNPC, are being made to Dangote Refinery in US dollars, with Naira transactions scheduled to begin on October 1, 2024.

“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.

NNPC hints petrol may rise above N1,000 per litre

NNPCL tackles Dangote Refinery, insists paying N898 per litre

“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,” the statement from NNPC reads.

While the data of the estimated price to be sold around the country remains the same, the analysis of the transaction it had with Dangote Refinery was modified.

In the initial statement released on Monday, a Nigerian Midstream and Downstream Petroleum Regulatory Authority fee of N8.99 was listed, while the revised version showed a fee of N4.495.

The first breakdown included an inspection fee of N0.97, a margin fee of N26.48, and a distribution fee of N15.

However, in the updated release, the inspection and margin fees were removed, and the distribution fee was adjusted to N42.45.

In addition, the second statement introduced a Midstream and Gas Infrastructure Fund fee of N4.495.