The Nigerian National Petroleum Corporation (NNPC) has announced new pump prices for petrol across the country, following the loading of products from the Dangote Refinery.
Petrol will now sell for N950 per litre in Lagos, N992.22 in Abuja, and N1,019.22 in Borno. This marks a significant increase from previous prices of N855 in Lagos and N897 in Abuja.
In a statement, NNPC defended the hike, citing the cost of loading the product from Dangote at N898 per litre. The corporation also clarified that petrol prices are not set by the government but are determined through negotiations, in line with the Petroleum Industry Act (PIA).
The NNPC further revealed that it is currently paying Dangote Refinery in US dollars for petrol offtake in September, with Naira transactions scheduled to begin on October 1, 2024.
The company challenged anyone with conflicting figures to make them public and stated that any discounts from Dangote would be passed directly to consumers. The announcement comes amid ongoing concerns about fuel pricing and supply in the country.
