An estimation of the petrol prices from the Dangote refinery was disclosed by the Nigerian National Petroleum Company in its retail stations in various states in the country including Lagos.
The Chief Corporate Communications Officer, Olufemi Soneye, in a statement signed by him, revealed that for September, the company is buying petrol in dollars from the Dangote refinery and in October, sales in Naira would begin.
According to the statement, “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.”
Also, it was stated by the company that the petrol price from its retail station in Lagos would be N950.22 per litre, approximately.
The following calculations show how the figure was derived:
| Item Description | $/MT | $/Ltr | NGN/Ltr (@1637.59) |
| Platts 10ppm on Friday | 690 | 0.52 | 842.61 |
| Premium | 46 | 0.03 | 56.71 |
| Dangote Refinery PMS Gantry Pricing | 736 | 0.55 | 898.78 |
| NMDPRA Fee | 8.99 | ||
| Inspection Fee | 0.97 | ||
| Distribution cost (Lagos) | 15.00 | ||
| Margin | 26.48 | ||
| Estimated pump price in Lagos | 950.22 |
The NNPC confirmed that the government does not set PMS prices. Rather, in line with Section 206 (1) of the Petroleum Industry Act (PIA), negotiations are carried out directly between parties on an arm’s length basis.
Furthermore, the NNPC stated that for the September 2024 PMS purchases, payments from the Dangote Refinery will be made in U.S. dollars, with 1st October 2024 marking the commencement of sales in naira. The company also mentioned that it would welcome prospective rebates from the Dangote Refinery if any dispute arises over the quoted pricing. To ensure transparency and fairness in pricing, these discounts would be applied to the public directly
The petrol prices for other states are listed below:
- Imo State: N980.22
- FCT: N992.22
- Sokoto State: N999.22
- Oyo State: N960.22
- Lagos State: N950.22
- Kano State: N999.22
- Rivers State: N980.22
- Kaduna State: N999.22
- FCT: N992.22
- Borno State: N1,019.22
After a prolonged delay spanning a few months, the Dangote refinery started the distribution of petrol to NNPC on Sunday, September 15, 2024.