JUST IN! ! ! NNPC Updates Fuel Prices Nationwide; See Which State Offers The Cheapest Rate Per Litre
The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a significant hike in petrol prices across all states, following the completion of loading Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Refinery. This marks the start of distribution from the long- anticipated refinery, which has recently begun supplying the Nigerian market.
In a statement released by NNPC Ltd’ s Chief Corporate Communications Officer, Olufemi Soneye, the company disclosed that it purchased 16. 8 million litres of petrol from the Dangote Refinery at a rate of N898 per litre on Sunday, September 15, 2024. The new pump prices across the country have been adjusted accordingly, with rates varying based on transportation and logistics costs.
Soneye clarified that the pricing structure is determined based on the cost of procurement from the Dangote Refinery, in line with the provisions of the Petroleum Industry Act (PIA), which ensures that petrol prices are not set by the federal government but through market negotiations. ” NNPC Ltd has released the estimated prices of PMS obtained from the Dangote Refinery for its retail stations nationwide, ” Soneye said. ” The NNPC Ltd confirms that for the September 2024 PMS offtake, it is paying Dangote Refinery in U. S. dollars, with Naira transactions scheduled to commence from October 1, 2024. ”
Soneye also noted that if the Dangote Refinery offers any discount, NNPC Ltd would pass on the full benefit to consumers. The estimated price breakdown shows that Borno State will see the highest price at N1, 019. 22 per litre, while Lagos will have the lowest at N950. 22 per litre. Other major cities like Sokoto, Kano, and Kaduna will see prices at N999. 22 per litre, and the Federal Capital Territory (FCT) will sell petrol at N992. 22 per litre.
In response to rising fuel costs, NNPC Ltd is urging Nigerians to consider switching to Compressed Natural Gas (CNG) as a cheaper alternative. The company has ramped up its efforts to expand the availability of CNG nationwide and recently unveiled six new CNG stations in Abuja, located in Gaduwa, Wuse, Gudu, Dei Dei, Ushafa, and Gwagwalada. This push for alternative energy sources forms part of NNPC’ s broader strategy to alleviate the financial burden on citizens due to the increasing cost of petrol.
NNPC Ltd remains committed to addressing the fuel challenges and providing Nigerians with more affordable and sustainable energy solutions in the coming months.
