‘N950.22 in Lagos, N1,019.22 in Borno,’ NNPC unveils new costs of petrol

The Nigerian Nationwide Petroleum Firm Restricted (NNPC Ltd.), has launched estimated costs that petrol being trucked out fom the Dangote Refinery might be bought in retail stations nationwide.

The NNPC Ltd in an announcement early Monday mentioned petrol from the Dangote Refinery might be bought at N950.22 kobo in Lagos. The value in Lagos was the bottom whereas residents of Borno State can pay the very best value of N1,019.22 kobo for a litre of petrol.

In keeping with the assertion signed by Mr Olufemi Soneye, the Chief Company Communications Officer, NNPC Ltd. residents of Sokoto, Oyo, FCT and Kano can pay N999.22 kobo, N960.22 kobo and N992.22 kobo respectively for a litre of petrol.

The NNPC Ltd. mentioned the costs are primarily based on Sept. 2024 pricing.

The NNPC Ltd. mentioned it purchased gasoline from the Dangote Refinery at N898 per litre for PMS offtake.

This adopted a denial by Dangote Refinery on Sunday after the NNPC Ltd.’s preliminary disclosure of N898 pump value obtained from the refinery.

The Dangote Refinery commenced the primary loading of PMS at its facility within the Ibeju-Lekki space of Lagos State on Sunday.

The Refinery had on Sunday described the disclosure made by the NNPC Ltd. as ‘deceptive and mischievous’ geared toward undermining the milestone achievement recorded by the refinery in addressing Nigeria’s vitality insufficiency.

Dangote Refinery’s Group Chief Branding and Communications Officer, Anthony Chiejina had in an announcement urged Nigerians to ignore NNPC Ltd.’s assertion and await a proper announcement on the pricing by the Technical Sub-committee on Naira-based crude gross sales to native refineries on Oct. 1.

Chiejina, whereas failing to inform Nigerians the worth at which the refinery bought its gasoline to the NNPC Ltd., mentioned its present inventory of crude was procured in {dollars} and bought to the NNPC Ltd. in {dollars} with a whole lot of financial savings towards present imports.

Nevertheless, the NNPC Ltd. insisted that in keeping with the provisions of the Petroleum Trade Act (PIA), PMS costs weren’t set by Authorities, however negotiated instantly between events on an arms size.

“The NNPC Ltd. can verify that it’s paying Dangote Refinery in United States {Dollars} (USD) for September 2024 PMS offtake, as Naira transactions will solely start on Oct. 1, 2024.

“The NNPC Ltd. assures that if the quoted pricing is disputed, will probably be grateful for any low cost from the Dangote Refinery, which might be handed on 100 per cent to most people.

“Connected to this assertion are the estimated pump costs of PMS obtained from the Dangote Refinery throughout NNPC Retail Stations within the nation, primarily based on Sept. 2024 pricing,” the spokesperson mentioned.

Based mostly on the estimated PMS pump costs doc, N950.22 is confirmed because the estimated pump value in Lagos of gasoline sources from the Dangote Refinery, indicating promoting value at NNPC’s retail stations in different states to be increased as transport prices might be factored in.

The estimated value doc additionally revealed that the NNPC Ltd. paid the refinery N898.78 per litre for PMS, whereas the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) price is N8.99 and inspection price is N0.97.

NNPC put the distribution price (Lagos) at N15, whereas ‘Margin’ is N26.48.