The Nigerian National Petroleum Company Limited (NNPC) has issued an updated breakdown of the estimated petrol prices following its recent offtake from the Dangote Refinery. In a statement released Monday, September 15, 2024, the NNPC outlined the pricing structure for refined petrol obtained from the refinery.
According to NNPC, the payments for the September 2024 petrol offtake will be made in U.S. dollars, with Naira-based transactions set to commence on October 1, 2024. The state-owned oil company also assured the public that any discounts secured from Dangote Refinery will be fully passed on to consumers.
“The NNPC Ltd. has released the estimated prices of Premium Motor Spirit (PMS), also known as petrol, based on negotiated terms with Dangote Refinery, considering current international gasoline prices and prevailing exchange rates,” the statement read. This pricing strategy aligns with the Petroleum Industry Act (PIA) of 2021.
While the overall price estimates remain unchanged, there have been adjustments to the breakdown of fees in the transaction between NNPC and the Dangote Refinery. In an earlier release, the Nigerian Midstream and Downstream Petroleum Regulatory Authority fee was listed as ₦8.99 but has since been revised to ₦4.495. Inspection and margin fees of ₦0.97 and ₦26.48, respectively, were omitted in the latest breakdown. Additionally, the distribution fee was raised from ₦15 to ₦42.45.
A new Midstream and Gas Infrastructure Fund fee of ₦4.495 was also introduced in the revised statement, reflecting further changes to the pricing structure.
