Petrol Price May Increase This Week – Says NNPC

The Nigerian National Petroleum Company Limited (NNPCL) has indicated that the per litre price of premium motor spirit (PMS), commonly referred to as petrol, could exceed N1,000 at its retail outlets.

In a statement issued on Monday, NNPC Ltd provided projected petrol prices, derived from the Dangote Refinery’s pricing as of September 2024, for its retail stations nationwide.

The projected pump prices are as follows: 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; and Borno, N1019 per litre.

The company clarified that, in accordance with the Petroleum Industry Act (PIA), the government does not determine petrol prices; rather, they are negotiated directly between the involved parties.

“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.

“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% to the general public.” the notice said.

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