The Nigerian National Petroleum Company Limited (NNPCL) has signaled that the price of petrol, also known as premium motor spirit (PMS), might surpass N1,000 per litre at its retail stations.
In a statement released on Monday, NNPC Ltd provided estimated petrol prices for various locations, based on September 2024 rates from the Dangote Refinery.
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The estimated prices are as follows: Lagos – N950 per litre, Sokoto – N992 per litre, Oyo – N960 per litre, Kano – N999 per litre, Kaduna – N999 per litre, FCT – N992 per litre, Rivers – N980 per litre, and Borno – N1019 per litre.
The notice clarified that, under the Petroleum Industry Act (PIA), petrol prices are determined through negotiations rather than government-set rates.
NNPC Ltd confirmed that it is currently making payments to Dangote Refinery in USD for September 2024 petrol purchases, with Naira transactions set to begin on October 1, 2024.
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The company also mentioned that any pricing disputes would be addressed by seeking discounts from the Dangote Refinery, which would be passed on to consumers.
