NNPCL Hikes Fuel Prices Further, Releases New Pricing Templates

The Nigerian National Petroleum Company (NNPC) Limited has further hiked the price of petrol.

In the new price regime, the product will be sold at N950.22 per litre across all its retail outlets in Lagos up from the N898 it’s currently being sold.

In a post on its X platform Monday, the NNPC said the estimated pump price is based on prices set by the Dangote refinery for its petroleum products.

According to the price map shared by the NNPC, residents in the northern part of Nigeria will pay more for the product, with those in Borno expected to pay the highest petrol pump price of N1,019.22.

“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arms length,” the NNPC said.

“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.

“Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing.”

On September 15, the NNPC commenced petrol lifting at the gantry of the Dangote Refinery after a protracted period of price negotiations.