The Nigerian National Petroleum Company Limited (NNPC) has issued an updated breakdown of the estimated price for petrol sourced from the Dangote Refinery, following its earlier release on Monday, September 15, 2024.
In a statement, the NNPC confirmed that the company paid for the latest batch of Premium Motor Spirit (PMS), commonly known as petrol, in United States dollars. The NNPC added that Naira transactions for the Dangote Refinery’s fuel will commence on October 1, 2024.
The statement read: “NNPC Ltd. has released estimated prices of Premium Motor Spirit (PMS) from the Dangote Refinery for its retail stations nationwide. These prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery, reflecting current international gasoline prices and the prevailing exchange rate in line with the Petroleum Industry Act (PIA) 2021.”
The company reassured the public that any discounts from the Dangote Refinery would be fully passed on to consumers. However, the NNPC’s second breakdown altered some aspects of its original price structure. While the overall estimated price of petrol remains unchanged, specific transaction fees between NNPC and the Dangote Refinery have been revised.
In the initial press release, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee was listed at ₦8.99, but the second statement cut this in half to ₦4.495. Additionally, inspection fees of ₦0.97 and a margin fee of ₦26.48 were removed entirely, while the distribution fee was increased from ₦15 to ₦42.45.
A new charge, the Midstream and Gas Infrastructure Fund fee, was also introduced at ₦4.495.
The NNPC emphasised its commitment to transparency and assured Nigerians that it will continue to reflect any cost benefits in its pricing strategy.
