Nigeria NNPCL Releases September Petrol Prices: Lagos at N950, Borno at N1,019

The Nigerian National Petroleum Company Limited (NNPCL) has announced petrol prices for September 2024, sourced from Dangote Refinery. Prices will vary across Nigeria, with Lagos at N950.22 per litre and Borno at N1,019.22. NNPCL will pay in dollars for September, switching to Naira in October.

The Nigerian National Petroleum Company Limited (NNPCL) has revealed the anticipated petrol prices for September 2024, with figures set to reflect the cost of sourcing Premium Motor Spirit (PMS) from the Dangote Refinery. In a statement released by NNPCL's Chief Corporate Communications Officer, Olufemi Soneye, the company outlined that the pricing adjustments will vary across regions in Nigeria, with Lagos expecting prices around N950.22 per litre, while Borno State may see prices as high as N1,019.22 per litre.

The statement emphasized that, by the Petroleum Industry Act (PIA), petrol prices are determined through negotiations between relevant parties, not by government regulation. Soneye also highlighted that NNPCL will pay Dangote Refinery in U.S. dollars for the PMS offtake for September, while Naira-based transactions will begin on October 1, 2024.

NNPCL reassured Nigerians that any discounts from Dangote Refinery will be passed on directly to consumers. The projected prices show northern states like Sokoto, Kano, and Kaduna with pump prices nearing N999 per litre, while southern states such as Rivers and Imo may experience slightly lower prices around N980.22 per litre.

This pricing update follows recent negotiations between NNPCL and Dangote Refinery, aiming to balance fuel supply and address regional distribution costs. The announcement comes amid broader efforts to stabilize fuel pricing and ensure adequate supply across Nigeria.