The Nigerian National Petroleum Company Limited has said that it will sell the petrol lifted from the Dangote Refinery for nothing less than ₦950 per litre in Lagos.

Channelstv reports that the NNPCL spokesperson, Olufemi Soneye, disclosed this on Monday in a statement titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’.

It said, “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 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 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.”

Channelstv further reports that the company later shared an infographic, showing that the lowest price for the product would be nothing less than ₦950 in Lagos and its environs.

The NNPCL spokesperson further explained that the price may go for as high as ₦1,019/litre in places like Borno State, and ₦999.22 in Abuja, Sokoto, Kano, and others. He added that in Oyo, Rivers and other areas in the South, it will be ₦960 per litre.