The Nigeria National Petroleum Company Limited (NNPC) has issued an updated breakdown of the estimated price of petrol purchased from the Dangote refinery.
Earlier reports indicated that on Monday morning, the NNPC released a chart detailing the cost of the refined petrol product it acquired from the refinery on Sunday, September 15.
The national oil company confirmed that it is paying Dangote refinery in U.S. dollars for the September 2024 petrol supply, and that transactions in Naira will only begin on October 1, 2024.
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The statement reads, “The NNPC Ltd. has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country.
“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.”
While the estimated petrol price across the country remains unchanged, the details of NNPC’s transaction with the Dangote Refinery were modified.
In the first statement released on Monday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority fee was listed as ₦8.99, but the updated statement showed a reduced fee of ₦4.495.
The initial statement included an inspection fee of ₦0.97, a margin fee of ₦26.48, and a distribution fee of ₦15. However, in the revised statement, the inspection and margin fees were omitted, and the distribution fee was increased to ₦42.45.
Additionally, the updated statement introduced a new Midstream and Gas Infrastructure Fund fee of ₦4.495.
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