Nigeria get new fuel pump price?

Di Nigerian National Petroleum Company Limited, NNPC Ltd don release wetin dem say be di estimated pump price of petrol across Nigeria based on September 2024 pricing from di Dangote refinery.

Dis dey come as on Sunday, 15 September Dangote begin dia first petrol loading from dia Refinery.

For di statement dem release, di graph wey dey attached show say some states go buy from N950-N1200.

PRESS RELEASE

NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery, Based on September 2024 Pricing

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… pic.twitter.com/0jVEClVgxQ

— NNPC Limited (@nnpclimited) September 16, 2024

NNPC Ltd , in line also add say based on di provisions of di Petroleum Industry Act (PIA), PMS goment no be di one wey dey set price but dem dey negotiate am directly between parties.

Dem also add say dem dey pay Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions go only commence on October 1st, 2024.

Member of di Presidential Committee on di Sale of Crude oil and Refined Product, Zacch Adedeji, bin don tok say from 1 October, di NNPCL go begin di supply of about 385kbpd of crude oil to di Dangote Refinery and na naira dem go take pay.

According to Adedeji wey also be di Chairman of di Federal Inland Revenue Service (FIRS), Dangote Refinery go supply PMS and diesel of equivalent value to di domestic market and receive naira.

“I dey glad to announce say all agreements don dey completed and loading of di first batch of PMS from di Dangote Refinery go commence on Sunday 15th September,” Adedeji tok.

Oda agreements wey di committee reach include di sale of diesel in naira by di Dangote Refinery to any interested off-taker and na only NNPC dem go sell Premium Motor Spirit (PMS) to.

Na about 300 trucks NNPCL wey belong to NNPCL bin arrive for Dangote refinery for Ibeju-Lekki area of Lagos on Saturday, 14 September ahead of di petrol loading.

NNPC estimated pump price of petrol across Nigeria based on September 2024 pricing from Dangote refinery

Lagos – 950. 22 naira per litre
Oyo – 960.22 naira per litre
Imo – 980.22 naira per litre
Rivers – 980.22 naira per litre
FCT – 992.22 naira per litre
Kaduna – 999.22 naira per litre
Kano – 999.22 naira per litre
Sokoto – 999.22 naira per litre
Borno – 1,019.22 naira per litre

Dangote fuel suppose reduce price?

Meanwhile, Dangote refinery bin don respond to one statement dem say dem go say PMS at N898 per litre to NNPCL.

According to dem, di statement dey both misleading and mischievous.

Instead dem say make Nigerians wait for a formal announcement on di pricing, by di Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by President Bola Ahmed Tinubu wey go begin on October 1, 2024 bearing in mind say dem buy di current stock of crude in dollars.

“It should also be noted dat we sell di products to NNPCL in dollars with a lot of savings against wetin dem dey currently import. With dis action, petrol go dey every local government area of di kontri regardless of dia remote nature.

But di big question na at what price?

Nigeria economist wey get beta experience for di Energy Sector, Dr Okey Okere, bin don tell BBC Pidgin for interview say di major challenge na di fact say NNPCL go be di only buyer of Dangote Premium Motor Spirit (PMS), so na dem go kon dey sell to di oda oil marketers.

“Dat one go make di NNPCL anoda monopoly, and even though dem dey claim say goment hand don comot for di company, we know say e still dey for goment hand and e go still behave like goment institution wey we know through di years say dem no too dey efficient,” Dr Okere tok.

Also, e tok say infrastructure na anoda factor.

“If we go still rely on trucks to move into Lagos from Kano, from Kaura Namoda, and across di kontri, to buy fuel from Dangote refinery, and kon dey carry am back wit our bad roads, wit police collecting money for road, tiff pipo, and kidnappers, and all of dose tins wey dey happun for Nigeria roads, I no know how petroleum price fit dey significantly lower for Nigeria,” di economist tok.

“So I expect say we go see change especially for di stability of our currency, becos we no go dey run around for forex to take import fuel.

“But I no sure say e go affect inflation. Inflation go still dey high for some time becos I no get confidence for di NNPC to manage di distribution of di PMS effectively and efficiently to bring down di price.”