The Nigeria National Petroleum Company Limited (NNPC) has released a new breakdown of the estimated price of petrol sourced from the Dangote Refinery. In a statement issued on Monday morning, the NNPC provided a detailed chart outlining the cost structure for the refined petrol product it purchased from the refinery on Sunday, September 15, 2024.
The NNPC clarified that payments for the September petrol offtake from Dangote Refinery are being made in United States dollars, with Naira transactions set to begin on October 1, 2024. This payment structure highlights the ongoing dollar-based transactions between the NNPC and the refinery, pending the switch to local currency dealings next month.
The statement reads, “The NNPC Ltd. has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country.
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“The estimated prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery which recognize the current international gasoline prices and the prevailing foreign exchange rate in line with the provisions of the Petroleum Industry Act (PIA) 2021.
“The NNPC Ltd. can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.
“We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100% to the general public.”
In a revised statement issued by the Nigeria National Petroleum Company Limited (NNPC) on Monday, the details of the estimated price breakdown for petrol sourced from the Dangote Refinery were adjusted. While the overall price to be sold across the country remained unchanged, several components of the transaction with the refinery saw significant modifications.
In the first press release, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee was set at ₦8.99, but in the updated version, this was halved to ₦4.495. Additionally, the initial statement included an inspection fee of ₦0.97, a margin fee of ₦26.48, and a distribution fee of ₦15.
However, in the second statement, both the inspection and margin fees were removed, and the distribution fee increased substantially to ₦42.45. The updated statement also introduced a new fee: the Midstream and Gas Infrastructure Fund fee, which was set at ₦4.495.
