The Nigerian National Petroleum Company (NNPC) Limited has further increased the price of Premium Motor Spirit (PMS) also known as petrol.

In the new price regime, the product will be sold at N950.22 per litre across all its retail outlets in Lagos up from the current N898.

In a post on its X platform Monday, the NNPC said the estimated pump price was based on prices set by the Dangote refinery for its petroleum products.

According to the price map shared by the NNPC, residents in the northern part of Nigeria will pay more for the product with those in Borno expected to pay the highest petrol pump price of N1, 019.22.

It wrote: “The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arm’s length.

“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. The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.

READ ALSO:NNPC releases pump prices of Dangote petrol nationwide

“Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing.”

On September 15, the NNPC commenced petrol products lifting at the gantry of the Dangote refinery after a protracted period of price negotiations.

Below are some of the estimated pump prices of PMS across NNPC retail stations based on September 2024 pricing:

Lagos State – N950.22

Oyo State – N960.22

Rivers State – N990.22

Imo State – N990.22

Sokoto State – N999.22

Kano State – N999.22

Kaduna State – N999.22

FCT – N992.22

Borno State – N1,019.22

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

By: Babajide Okeowo

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