Inspite of Dangote refinery commencement of petroleum product distribution, motorists may have to start paying more to buy litres of petroleum from fuel stations after the Nigerian National Petroleum Company (NNPC) disclosed that the price sold by the indigenous refinery is higher than the current pump price of N855.
NNPC added that with the N898 price regime from Dangote refinery, including transportation and other additional levies, the pump price will be N950.22k across its retail outlets in Lagos, marking over 10 percent increment.
It noted that the increment in pump price was based on the prices set by Dangote refinery for its products.
The firm explained that the price will be higher in other states, saying this is based on additional funds expended on transporting the products to each state across the country.
According to NNPC, motorist in Borno will pay N1,019.22k while Kano pays N999.22k, Abuja N992.22k, and Rivers is N980.22k.
In a statement released on Monday by the Chief Corporate Communication Officer, NNPC, Olufemi Soneye, the oil firm stressed that the variety became necessary to allow the end users bear all expenses incurred on the products.
As gathered, this is at variance with the previous practice that NNPC offset additional expenses incurred on movements of the products to different parts of the country.
NNPC said: ‘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”.
