NNPCL Hints at Petrol Price Hike Above N1,000 per Litre
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NNPCL Hints at Petrol Price Hike Above N1,000 per Litre
The Nigerian National Petroleum Company Limited (NNPCL) has hinted that the price of premium motor spirit (PMS), also known as petrol, may rise above N1,000 per litre in its retail stations.
In a notice released on Monday, NNPC Ltd disclosed estimated prices of petrol obtained from the Dangote Refinery based on September 2024 pricing, which showed varying prices across the country.
According to the notice, Lagos residents may have to pay N950 per litre, while those in Sokoto, Oyo, Kano, Kaduna, FCT, Rivers, and Borno may pay N992, N960, N999, N999, N992, N980, and N1019 per litre respectively.
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NNPC Ltd attributed the price variation to the provisions of the Petroleum Industry Act (PIA), which allows petrol prices to be negotiated directly between parties without government intervention.
The company assured that it would pass on any discount from the Dangote Refinery to the general public, adding that it is currently paying for the product in USD, with Naira transactions set to commence on October 1st, 2024.
“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.” the notice said.
