As of today, September 16, 2024, petrol will now cost N950.22 per liter in Lagos, N1,019 per liter in Borno, and N992.22 per liter in the Federal Capital Territory ¹. This change comes after NNPC started lifting petrol from the Dangote refinery yesterday, September 15 ¹.
According to Olufemi Soneye, NNPC’s Chief Corporate Communication Officer, the Petroleum Industry Act (PIA) allows for PMS prices to be negotiated directly between parties, rather than being set by the government ¹. Interestingly, NNPC is currently paying Dangote Refinery in USD for petrol, but will switch to Naira transactions starting October 1, 2024 ¹.
It’s worth noting that NNPC is open to renegotiating prices if the quoted pricing is disputed. If Dangote Refinery offers any discounts, NNPC has promised to pass them on entirely to the general public ¹.
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