NNPC to Sell Dangote Petrol in Lagos for N950, N992 in Abuja

The Nigerian National Petroleum Company Limited (NNPC) has announced the estimated prices of petrol sourced from the Dangote Refinery. Petrol will sell for N950 per litre in Lagos, N992 per litre in Abuja, and N1,019 in Maiduguri.

The price varies depending on the distance from Lagos, where the Dangote Refinery is located.

Key Details:

• Price Breakdown: NNPC revealed it paid Dangote Refinery N898.78 per litre for petrol. Additional costs include regulatory fees, distribution, and NNPC’s profit margin, bringing the price to N950 in Lagos.
• Current Market Prices: These new prices are higher than current rates at NNPC stations, where petrol is selling for less than N900 per litre.
• Impact on Other Marketers: Since NNPC is the sole buyer from the Dangote Refinery, other marketers are expected to buy from NNPC at around N950, likely pushing prices even higher.

Transparency and Future Plans:

NNPC aims to be transparent about its transactions with Dangote Refinery. While petrol is being refined locally, experts warn that prices will still be determined by market forces, so there may not be a significant drop in prices despite local production.

Currently, NNPC is paying Dangote Refinery in dollars, but transactions will switch to naira starting October 1, 2024.

NNPC clarified that they are open to any discounts offered by Dangote Refinery, which would be passed on to the public.