‘Lagos N950/L, Borno N1019/L, Others…’ – Outrage As NNPC Announces Increase In Pump Price Of Petrol

The Nigeria National Petroleum Corporation, NNPC, has announced an increase in petrol pump price.

In a statement released in the wee hours of today September 16, the corporation stated that the pump price of petrol lifted from the Dangote refinery and sold at its retail stations is put at N950.22 per litre, N1,019 per Litre in Borno, N992.22 per Litre in FCT.

In the statement released by its Chief Corporate Communication Officer, Olufemi Soneye, the corporation stated that in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by the Government, but negotiated directly between parties on an arm’s length.

The statement added 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 added 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.

NNPC began lifting petrol from the Dangote refinery on Sunday, September 16.

See the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing.

However, Dangote Refinery had earlier responded to the claim by NNPC that it bought fuel at N898 per liter from the local refinery.

Following the lifting of petrol from the Dangote Facility located in the Ibeju-Lekki area of Lagos, spokesperson of the NNPCL, Olufemi Soneye, said;

“We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N760 per litre is incorrect. For this initial loading, the price from the refinery was ₦898 per litre,”

Soneye was quoted by Daily Trust.

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Reacting to the claim, Dangote Refinery urged Nigerians to disregard the information which it described as malicious and misleading.

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In a statement by Anthony Chiejina, Group Chief Branding and Communications Office of Dangote, the company asked the public to wait for a formal announcement on the pricing by a technical committee of the Federal Government.

“Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr Olufemi Soneye, that we sell our PMS at ₦898 per litre to the NNPCL.

“This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedevilled the economy in the past 50 years.

“We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.

“It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature.

“We assure Nigerians of the availability of quality petroleum products and putting an end to the endemic fuel scarcity in the country,”

Dangote Refinery’s statement read.