BREAKING: NNPC Raises Petrol Price As First Dangote Product Arrives

In a move that has further deepened the growing concerns of Nigerians, the Nigerian National Petroleum Company Limited (NNPC) has officially announced an increase in the pump price of petrol to N950 per litre within Lagos following the first delivery from Dangote Refinery.

The petrol pump price increase by the NNPC comes just after the first batch of petrol was lifted from the highly anticipated Dangote Refinery, surpassing the previous price of N855 per litre.

In a press release issued on September 16, 2024, the NNPC stated that the new price reflects the September 2024 pricing for PMS obtained from the Dangote Refinery. The national oil company also clarified that, under the provisions of the Petroleum Industry Act (PIA), PMS prices are no longer regulated by the government but are instead negotiated between the concerned parties.

According to the statement, NNPC Ltd is currently paying the Dangote Refinery in U.S. dollars for the supply of fuel, with transactions in naira expected to commence from October 1, 2024. The company further assured that if any discounts are secured from the refinery, they will be fully passed on to consumers.

“We remain committed to transparency and will continue to work with Dangote Refinery to ensure that Nigerians benefit from competitive pricing,” said Olufemi Soneye, NNPC’s Chief Corporate Communications Officer.

The new pump price of N950 per litre has already brought reactions across the country, with many Nigerians expressing frustration over the escalating cost of fuel and the impact on living costs. This price hike, coming on the heels of the refinery’s first fuel delivery, has raised concerns about the expected relief from local production.

With the NNPC promising to adjust prices based on any negotiated discounts, citizens remain anxious as they brace for the economic ripple effects of the higher fuel prices. The development is sure to intensify the ongoing debate over the benefits of the Dangote Refinery and the future of Nigeria’s energy sector.
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