NNPC Amends Error in Petrol Price Increase Announcement

The Nigeria National Petroleum Company Limited (NNPCL) has corrected a mistake made on the nationwide petrol price statement it released earlier on Monday.

Early Monday morning, NNPCL gave a chart breakdown of the refined petrol product it bought from Dangote Refinery.

While the data of the estimated price to be sold around the country remains the same, the analysis of the transaction it had with Dangote Refinery was altered.

“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 the country.

“The estimated prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery which recognise the current international gasoline prices and the prevailing foreign exchange rate in line with the provisions of the Petroleum Industry Act (PIA) 2021.

“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.
“We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100% to the general public,” it read.

While in the first press statement on Monday had a Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee of ₦8.99, the second statement showed ₦4.495.

The first statement had an inspection fee of ₦0.97, a margin fee of ₦26.48 and a distribution fee of ₦15.
In the second statement on Monday, there were no inspection fee and marging fee, while the distribution fee was changed to ₦42.45.

The second statement also had an additional Midstream and Gas Infrastructure Fund (MDGIF) of ₦4.495.