According to the Vanguard Newspaper, in response to recent loadings from the Dangote Refinery, The Nigerian National Petroleum Corporation (NNPC) Limited has announced a substantial modification to gasoline pricing throughout Nigeria. Customers in different parts of the nation will pay different prices at the pump as a result of this modification.CONTINUE FULL READING>>>>>
According to a statement from the corporation, the new petrol prices are set to take effect immediately. In Lagos, the price per litre will rise to ₦950, up from ₦855. In Abuja, consumers will now pay ₦992.22 per litre, an increase from ₦897. Meanwhile, in Borno, the price will climb to ₦1,019.22 per litre from ₦897. This marks a substantial rise in fuel costs across these key regions.
According to Vanguard Newspaper, NNPC clarified that the price adjustment reflects the cost of petrol loaded from Dangote Refinery. The corporation stated that the petrol was loaded at ₦898 per litre and challenged anyone with differing figures to disclose their data. The statement underlined that the pricing model is in accordance with the Petroleum Industry Act (PIA), which stipulates that PMS (Premium Motor Spirit) prices are not determined by the government but are negotiated directly between parties.
Furthermore, NNPC confirmed that payments for the September 2024 petrol off-take from Dangote Refinery are being made in U.S. dollars. The transition to Naira transactions is scheduled to begin on October 1, 2024. The corporation emphasized its commitment to transparency, noting that any discrepancies or disputes regarding the quoted pricing could be addressed through potential discounts from the Dangote Refinery. Such discounts would be passed on entirely to the public.
The statement included an attachment detailing the estimated pump prices for petrol across NNPC retail stations nationwide, based on the pricing from September 2024. This move underscores NNPC’s efforts to maintain clarity in fuel pricing amidst ongoing market adjustments and reinforces its adherence to regulatory guidelines.
As Nigeria adjusts to these new petrol prices, the NNPC assures the public that any adjustments or further clarifications will be communicated promptly to ensure that consumers are well-informed about fuel costs and market conditions.CONTINUE FULL READING>>>>>
