Hopes for a reduction in petrol prices following the commencement of supply from the Dangote Refinery were dashed yesterday, as NNPC Limited released a new pricing template, increasing the pump price by approximately 11 percent to N950 per litre.
The price hike comes after a recent increase of over 45 percent two weeks ago, which was believed to anticipate the refinery’s output. However, amid pricing disagreements between NNPC and Dangote Refinery, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that petrol from Dangote will not be sold at a cheaper rate.
A document titled “Estimated pump price based on Dangote Refinery September 2024 PMS supply” revealed that petrol from the refinery would have a base cost of N898 per litre. Additional charges, including regulatory fees and logistics costs, brought the final price in Lagos to N950.22 per litre, up from the previous rate of N855 per litre.
Prices in other regions were also adjusted, with Abuja now at N992.22 per litre and areas like Borno seeing the highest at N1,019 per litre.
NNPC defended the pricing, stating it loaded the product from Dangote at N898 per litre and challenged any contrary figures to be made public. The company also clarified that petrol prices are determined by negotiations between parties, not set by the government.
Despite the commencement of supply from Dangote Refinery, depot owners and independent marketers have yet to receive deliveries. They continue to lift imported petrol at previous rates, with many expressing uncertainty over the pricing of Dangote’s product.
Some marketers have warned that consumers may soon face prices as high as N1,200 per litre in outlets not directly linked to NNPC, particularly in northern regions.
The situation has raised concerns among stakeholders, with calls for greater transparency in the downstream sector. Meanwhile, Dangote Refinery has yet to make an official statement on the matter, with further pricing details expected by October 1, 2024.
