Dangote Refinery: NNPC Releases New Petrol Price Breakdown

The Nigeria National Petroleum Company Limited (NNPCL) has published a revised version of the estimated pricing for petrol acquired from the Dangote refinery.

It is worth noting that the company made a controversial publication earlier which provided a detailed chart outlining the refined petrol products purchased from the Dangote refinery on Sunday, September 15.

The national oil corporation confirmed that payments to the Dangote refinery for the petrol offtake scheduled for September 2024 will be made in United States dollars, with transactions in Naira set to begin on October 1, 2024.

The statement noted, “NNPC Ltd. has disclosed the estimated prices for Premium Motor Spirit (PMS), commonly referred to as petrol, sourced from the Dangote Refinery for its retail outlets nationwide.”

“The estimated prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery which recognise the current international gasoline prices and the prevailing foreign exchange rate in line with the provisions of the Petroleum Industry Act (PIA) 2021.

“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 1st, 2024.

“We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100% to the general public.”

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The projected selling price across the nation has remained unchanged, but the examination of the deal with Dangote Refinery was modified.

The initial press release on Monday mentioned a fee from the Nigerian Midstream and Downstream Petroleum Regulatory Authority of ₦8.99 for the transaction, but the subsequent release reduced it to ₦4.495.

The initial press release included an inspection cost of ₦0.97, a margin charge of ₦26.48, and a fee for distribution at ₦15.

In the subsequent press release on Monday, the inspection and margin charges were omitted, and the distribution fee was increased to ₦42.45.

The second press release also introduced an extra fee from the Midstream and Gas Infrastructure Fund, amounting to ₦4.495.