The Nigerian National Petroleum Company Limited (NNPCL) announced that petrol lifted from the Dangote Refinery will be sold for no less than ₦950 per liter in Lagos, while Abuja – Nigeria’s capital will be ₦992 per liter and Maiduguri in the Northeast Nigeria at ₦1,019 per liter. (Other pump price estimates can be seen in the infographics below).
These were disclosed by NNPCL spokesperson Olufemi Soneye in a statement on Monday, detailing the pricing based on September 2024 rates.
The NNPCL clarified that, under the Petroleum Industry Act (PIA), petrol prices are not set by the government but are negotiated between parties. It also confirmed that payment to Dangote Refinery for September petrol supply is being made in USD, with Naira payments expected to commence from October 2024. If a pricing dispute arises, the NNPCL assured it would pass any discounts from Dangote Refinery directly to consumers.
Earlier, there was a disagreement between the Dangote Group and the NNPCL over the pricing, with Dangote refuting claims that it sold petrol at ₦898 per liter, though it did not release its own pricing list. On Sunday, the Dangote Refinery began loading its first batch of petrol, with NNPCL lifting 16.8 million liters. The company confirmed that 70 trucks had already been loaded by 4 pm.
The $20 billion Dangote Refinery, located in Lagos, began operations in December 2023 and has a production capacity of 350,000 barrels per day. The refinery plans to reach its full capacity of 650,000 barrels per day by the end of 2024 and is currently supplying diesel, aviation fuel, and petrol to the Nigerian market.
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