Key Takeaways:
- NNPC announces an increase in petrol prices at its pumps as of September 16.
- New prices: N950.22/litre, N1,019/litre in Borno, N992.22/litre in FCT.
- Price adjustments follow the Petroleum Industry Act (PIA) guidelines.
- NNPC pays Dangote Refinery in USD for September 2024 petrol, with Naira transactions starting October 1, 2024.
- NNPC is open to discounts from Dangote Refinery, which will be passed on to customers.
- NNPC has begun sourcing petrol from Dangote Refinery.
NNPC has announced new petrol prices effective September 16, following the Petroleum Industry Act guidelines, with details on pricing across regions and future currency arrangements with Dangote Refinery.
The National Petroleum Corporation of Nigeria (NNPC) has declared an upturn in the prices of petrol at its pumps.
As of early morning on September 16, the corporation confirmed that petrol prices at its retail outlets, obtained from the Dangote refinery, have increased to N950.22 per litre, N1,019 per litre in Borno, and N992.22 per litre in the Federal Capital Territory (FCT).
The Corporation’s Chief of Corporate Communication, Olufemi Soneye, stated that the price adjustment is in line with the guidelines of the Petroleum Industry Act (PIA), where fuel prices are settled between parties directly and not decided by the Government.
It’s noteworthy that NNPC is paying Dangote Refinery in USD for petrol provision for September 2024, with transactions in Naira to start from October 1, 2024.
NNPC Ltd is open to any discount from Dangote Refinery on the quoted price, which will be directly passed on to the customers. As of September 16, NNPC has started obtaining petrol from the Dangote refinery.
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